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AML/CFT Legislation in China

AML/CFT Legislation in China

MemberCheck's solutions in China​
PEP and Sanction Check
Scan your clients against global PEP & Sanction a data source.
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Adverse Media Check
Keep up to date on any risks associated with your client by leveraging reliable global media.
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Customer Identity Verification
Verify the identity of your Chinese customers and avoiding the consequences of non-compliance.
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AML Consulting Service
Work with our accredited consultants to assess the money laundering and terrorism financing risk to your business.
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China's AML/CTF supervisor​

Financial Intelligence Unit – China (FIC)​

China's legal system is complex, the National People's Congress (NPC), which is the highest agency of state power, represents the legislative branch. All executive, judicial, supervisory, and prosecutorial authorities in the country are elected by the NPC.

China’s Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC), the Anti-Money Laundering Bureau (AMLB), and the People's Bank of China's 36 provincial divisions comprise the structure of the FIU established within the People's Bank of China, which reflects a decentralised approach with high potential to produce financial intelligence supporting the operational needs of competent authorities.

Compliance Program Requirements – China

The China Banking Regulatory Commission (CBRC) issued the Internal Control Guidelines, which mandate that banks clearly identify internal control roles, strengthen its programs, give additional support, and have continual review and oversight.

The guidelines requires from financial institutions to reinforce their three lines of defence, namely business management, risk and compliance, and audit and supervision, in order to effectively monitor, report, and evaluate suspicious transactions, as well as update accountability and follow-up policies and processes.

China's anti-money laundering legal and regulatory framework is continuously improving, however, there are still gaps in terms of efficiently executing rules and regulations and maintaining transparency, particularly in the context of international cooperation including:

  • Internal rules must be established to ensure compliance with all applicable laws and regulations.
  • Conduct ongoing training for Compliance and Anti-Financial Crime departments and units in order to maximise human performance in order to satisfy AML/CFT implementation standards at the global and local levels.
  • Information is transmitted to the proper authorities and judicial institutions to aid in the planning of law enforcement and criminal prosecutions.
  • Receipt and requests for information on transactions suspected of being money laundering operations from entities subject to the AML law of China.

How can MemberCheck Help?

Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.

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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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