Tag: People’s Bank of China

CHINA | Moving to a Risk-based Approach

On March 1, 2022, the Measures for Financial Institutions on Customer Due Diligence and Client ID Information, and Transaction Records Management (‘Measures’) came effective. The Measures issued by the People's Bank of China, the Bank of China insurance regulatory commission, and the China Securities Regulatory Commission. It aligns with the current financial landscape. And international…

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China banking: non-financial institutions required to report large transactions from 1 January

On 25 June 2018, the Bank of China issued the Notice of the People’s Bank of China requirements for non-financial institutions to report large transactions (the Notice) effective from 1 January 2019. Below, we highlight the main takeaways from the Notice. Who is required to report? Any non-financial institution holding a payment business license, including…

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