BEIJING, Feb. 22 (Xinhua) -- China's banking and insurance regulator Thursday issued regulations requiring banking financial institutions to fight money laundering and terrorism financing.
The document clarifies obligations of banking financial institutions concerning anti-money laundering and anti-terrorism financing from the perspective of internal control.
To be specific, banking financial institutions should establish and improve related risk management and internal control systems, clarify relevant responsibilities of the management and related departments, verify customers' identities and keep transaction records, etc.
The document has established the overall framework on anti-money laundering supervision in the banking industry for China Banking and Insurance Regulatory Commission (CBIRC) which will guide banking financial institutions to establish and improve the internal control compliance system for anti-money laundering and anti-terrorism financing.
It also stipulates that the banking industry should enhance the background investigation of high-level executives and the censorship toward investment funds, in a bid to forestall money-laundering and terrorism financing activities through the establishment of financial institutions.
Next, CBIRC will further formulate detailed rules as appropriate and provide related training to help regulators at all levels as well as banking financial institutions to carry out the regulations. (Edited by Gu Shanshan)
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