China’s central bank fines MYBank US$3.5 million for AML/CFT and other violations
China’s MYBank has been handed a 22.4 million yuan (US$3.5 million) penalty by the People’s Bank of China (PBOC) for anti-money laundering and counter financing of terrorism (AML/CFT) and several other violations. The fine reflects the Chinese authorities’ increased focus on AML/CFT compliance since the…
China set to tighten beneficial ownership reporting requirements for financial institutions
China’s financial authorities look set to issue stricter compliance procedures for establishing the beneficial ownership of all account holders after opening a public consultation process on draft customer due diligence regulations for financial institutions. The draft regulations contemplate requiring financial institutions to identify and verify…
