The Asian Banker

China's latest AML guidelines to help authorities clamp down on large organised crime rings
Michael Thomas, director at Wolters Kluwer Financial Services, North Asia, feels that the country’s latest AML regulation will mean added costs for FIs, which may struggle to comply.

Jun 12, 2013 | Michael Thomas

When the new Chinese government was announced in late October 2012, the fight against fraud and corruption was a central plot of the new regime’s action plans. Following the change of guard in March 2013, the People’s Bank of China (PBoC) issued Yin Fa {2013} No. 2, Guidelines for Financial Institutions (FIs) on Their Risk Assessment on Money Laundering and Terrorist Financing and Classified Management of Clients. This marked the start of heightened supervision for different categories of financial crime, with several more legislations to further detail the compliance requirements expected in…

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Categories: China, Regulation, Risk and Regulation
Keywords: Michael Thomas, Wolters Kluwer, PBoC, AML, CAMLMAC, FATF
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