China is cracking down on money laundering, as it aims to ensure compliance with international standards. Recent measures greatly increase the level of reporting on overseas transactions by Chinese bank customers in order to collect data for analysis.
Starting August 21 and according to rules originally announced in June, banks are now required to report overseas spending via domestic Chinese bank accounts of over 1,000 RMB (about $150 USD).
…The Number 3 Decree also required banks to enhance their transaction monitoring effectiveness and to file a suspicious transaction report when a transaction is suspected of being related to money laundering or terrorism.
KYC Commentary: Further evidence that effect to crack down on money-laundering is becoming more onerous and a global solution is now required.
Last updated on April 23rd, 2023 at 07:36 pm