The People’s Bank of China is stepping up the regulations on money laundering by releasing four documents concerning the issue in a day, The Paper reported.
In terms of cross-border remittance business, operating institutions should obtain and register the name, account number and address of both the remitter and payee, and make sure the transaction is trackable.
While for remittance exceeding 10,000 yuan or any foreign currency equivalent to more than US$1,000, institutions should take down identification documents of the remitter.
A number of third-party payment institutions, insurance companies and brokerage firms have received penalties issued by the central bank branches, for failure to perform the identification process of their customers and to report suspicious transactions.
In addition to financial institutions, real estate developers, housing agency, precious metal dealers, accounting and law firms are also required to fulfill their anti-money laundering obligations when conducting related business.