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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

Claus Christensen

Claus Christensen is the CEO & Co-Founder of Know Your Customer. His vast array of previous experiences includes founding a technology company that develops email server infrastructure products for 60,000+ global customers and serving as VP Electronics at Thielert Aircraft Engines. A regular contributor to leading industry publications and a recognised expert in the anti-money laundering and financial regulation space, Claus is also the host of the RegTalks podcast and a senior lecturer of the Centre for Finance, Technology and Entrepreneurship (CFTE)’s RegTech Course.