Chinese regulator introduces annual AML reporting requirement

Anti-money_launderingFund managers operating in China will have to issue an annual report on anti-money laundering (AML) and counter-terrorism financing (CTF) following a new announcement from China’s banking regulator. The China Banking and Insurance Regulatory Commission (CBIRC) issued a circular calling on foreign and domestic banks, insurers and asset managers to submit an annual report on their AML/CTF programmes within 20 working days of the end of each year. For 2019, the deadline is February 15 and firms have been advised to use a template supplied by the CBIRC. They have also been told to submit interim reports should any risks around AML emerge or should there be any revision to internal control rules. In addition to the annual reports, firms will also be expected to increase their investment in ALM/CTF resources and improve the training of employees. The circular also states that the regulator will be stepping up its vigilance and AML/CTF compliance will now be a daily supervision activity for all of the CBIRC’s local offices. ©2020 funds global asia

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