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China tightens anti-money laundering rules for banks

Saturday, December 31, 2016

Beijing


CHINA'S central bank said it has tightened requirements for len-ders to report cross-border transactions by customers as part of stepped-up efforts to curb money laundering.

The People's Bank of China (PBOC) will require financial institutions to report any cross-border transfers of 200,000 yuan (S$41,620) or more starting on July 1, it said in a statement on Friday.

The PBOC said that its Anti-Money Laundering Monitoring and Analysis Centre must also be notified of any domestic cash deposits, withdrawals or transfers of 50,000 yuan or more, or when banks have reason to believe that smaller transactions may be suspicious. That requirement has been brought down from the existing 200,000 yuan limit and may be adjusted if needed.

The new rules are intended to prevent money laundering and terrorism financing, the PBOC said in a second statement on its website. BLOOMBERG