In short, the regulatory requirements for anti-money laundering of financial institutions in China are constantly improving. As the most important part of the national financial system, commercial banks are naturally the key targets of anti-money laundering work. According to the mobile payment network "202 1 Practice Report on Anti-Money Laundering Compliance of Financial Institutions in China", in recent two years, the regulatory authorities have obviously increased the penalties for commercial banks' anti-money laundering violations. As the backbone of commercial banks, the six major state-owned banks have all disclosed their annual reports, including many anti-money laundering contents. The key regulatory targets of anti-money laundering law enforcement inspection include the following institutions:
1, institutions involved in money laundering cases;
2. Institutions with more risk factors;
3. Institutions with unknown working conditions;
4. Institutions with low anti-money laundering effectiveness. Improve the anti-money laundering and sanctions compliance training mechanism, carry out various forms of compliance training, and enhance the compliance awareness and ability of all employees. Directors also participated in special training on anti-money laundering policy interpretation and sanctions violation case analysis.
The report also shows that BOC Jinke, a technology subsidiary of Bank of China, has undertaken the construction of key projects such as anti-money laundering and intelligent risk control, and exported scientific and technological services in anti-money laundering and other fields to domestic and foreign banks.
Clarify the scope of responsibilities of the People's Bank of China. Including making it clear that the People's Bank of China should conduct risk assessment on financial institutions and timely and accurately understand the risk status of financial institutions. It is clear that the People's Bank of China and its branches implement classified supervision according to the risk assessment results.
The second is to increase the internal control and risk management requirements of financial institutions against money laundering. According to the relevant person in charge of the People's Bank of China, the Measures require financial institutions to conduct self-assessment on the risks of money laundering and terrorist financing, establish and improve their internal control system according to their business scale and risk status, and formulate corresponding risk management policies. Clarify the anti-money laundering organization, human resources guarantee, anti-money laundering information system and technical guarantee requirements of financial institutions. Clarify the internal audit requirements for anti-money laundering of financial institutions.
Third, optimize anti-money laundering supervision measures and means. Increase the anti-money laundering supervision reminder letter and improve the on-site risk assessment measures. Improve the application of supervision visits and interviews. Clarify the requirements for continuous supervision.
Legal basis:
Article 191 of the Criminal Law of People's Republic of China (PRC) * * * knowingly commits one of the following acts, which is the proceeds of drug crimes, organized crimes of underworld nature, terrorist activities, smuggling crimes, corruption and bribery crimes and financial fraud crimes, and shall be confiscated and sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also or shall only be fined. If the circumstances are serious, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and shall also be fined not less than five percent but not more than twenty percent of the money laundering amount:
(a) to provide funds account;
(2) Assisting in converting property into cash, financial bills and securities;
(three) to assist the transfer of funds through transfer or other settlement methods;
(four) to assist the remittance of funds abroad;
(5) concealing or disguising the source and nature of the proceeds of crime and their proceeds by other means. If a unit commits the crime mentioned in the preceding paragraph, it shall be fined, and the directly responsible person in charge and other directly responsible personnel shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention; If the circumstances are serious, they shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years.