The responsibilities of financial institutions in the fight against money laundering were outlined in two regulations issued by China's central bank yesterday.
Under the new rules financial institutions have to report all major or suspicious transactions to the central bank's anti-money laundering monitoring and analysis center.
All financial institutions are required to set up a system that will allow them to identify their customers easily. The central bank also intends to set up a national database to keep records of all major or suspicious deals.
The two regulations, which complement the Anti-Money Laundering Law adopted by the National People's Congress (NPC) in October, will take effect on January 1 and March 1 next year.
(Xinhua News Agency November 15, 2006)
