Money laundering is the act and process of concealing, disguising the source and nature of illegal funds, and turning them into seemingly legitimate funds by some means. It mainly includes providing fund accounts, assisting in the conversion of property forms, assisting in transferring funds or overseas remittances, etc.
This mainly refers to the laundering activity of proceeds generated by drug crime, organized crime of underworld nature, terrorist activity, smuggling, corruption, bribery, the crime of disrupting financial management order, and financial fraud.
Money laundering contributes to serious crimes such as smuggling, drugs, underworld, corruption and bribery, financial fraud, disturbs the normal social and economic order, destroys social fair competition, and even affects the reputation of the country. Therefore, we take various anti-money laundering measures such as monitoring of large and suspicious funds, anti-money laundering supervision and inspection, and anti-money laundering investigations in accordance with the law to prevent and combat money laundering crimes, with the purpose of curbing predicate crimes.
The national anti-money laundering administrative department refers to the People's Bank of China, which is mainly responsible for organizing and coordinating anti-money laundering work across the country, monitoring anti-money laundering funds, formulating anti-money laundering regulations for financial institutions, supervising and inspecting the anti-money laundering work of financial institutions and specific non-financial institutions, investigating suspicious transactions and carrying out anti-money laundering international cooperation, etc.
At the national level, there are 23 departments taking participate in the Inter ministerial Joint Conference on Anti Money Laundering, including the Ministry of Public Security, the Ministry of Foreign Affairs, the Supreme People's Court, the Supreme People's Procuratorate, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission. All provinces, autonomous regions, municipalities directly under the Central Government and Dalian, Qingdao, Ningbo, Xiamen and Shenzhen have also established the corresponding joint meeting systems.
The financial industry undertakes the functions of social capital storage, financing and transfer, and plays an important role in promoting social and economic development. However, it is also easy to be used by money laundering criminals, using seemingly normal financial transactions as a cover to change the capital form of criminal proceeds or transfer criminal funds. As such, the financial industry is at the forefront of anti-money laundering efforts to identify and detect criminal funds as early as possible, to prevent and to combat criminal activity by tracking the flow of criminal funds.
The People's Bank of China has specially established the China Anti-Money Laundering Monitoring and Analysis Center, which is specifically responsible for the monitoring of anti-money laundering funds.
The People's Bank of China has formulated special regulations. When financial transactions reach a certain amount or meet certain suspicious characteristics, financial institutions should submit large-value and suspicious transaction reports to the China Anti-Money Laundering Monitoring and Analysis Center. For example, cash deposits and withdrawals of more than RMB 50,000 in a single transaction or on the same day, cash exchange, cash remittance, etc., or bank account funds are dispersed in a short period of time, and the funds are transferred out in a centralized manner, which is obviously inconsistent with the customer's identity or business. Financial institutions can also determine and report suspicious transactions suspected of money laundering according to specific circumstances.
It mainly adopts anti-money laundering measures such as customer identification, due diligence, large and suspicious transaction reporting, customer identity data and transaction history record preservation, including prior prevention, post-event monitoring and investigation. Monitoring and investigation take place after the completion of the business, it will not add additional time for the customer to handle the business. The current preventive measures mainly include checking customer ID documents and filling in relevant customer information, which basically complies with the current financial business requirements.
No, it won't. The Anti-Money Laundering Law of the People's Republic of China attaches great importance to the protection of personal privacy and business secrets of enterprises, and specifically stipulates that customer identity data and transaction information obtained from performing anti-money laundering duties in accordance with the law must be kept confidential. Unless required by law, it shall not be provided to any organization or individual. The Anti-Money Laundering Law of the People's Republic of China also stipulates that the customer identity data and transaction information obtained by the anti-money laundering administrative departments and other departments with anti-money laundering supervision and management responsibilities authorized by law, and institutions performing anti-money laundering duties can only be used for Investigation initiated by the anti-money laundering administrative departments; customer identity data and transaction information legally obtained by judicial authorities can only be used in anti-money laundering criminal proceedings.
When a customer handles financial business on behalf of another person, he should present the valid identity certificate or other identity certificate of the principal and himself/herself, fill in the information such as name, contact information or the type and number of other identity certificate.
Yes, financial institutions should continue to pay attention to customers and their daily business activities and financial transactions, and prompt customers to update data information in a timely manner.
Yes. When a customer requests to change the information such as name or title, identity certificate, ID number, registered capital, business scope, legal representative or person in charge, etc., the financial institution shall re-identify the customer, and the customer shall present the relevant information to the financial institution.
Financial institutions may also take measures such as requiring customers to supplement other identity information or identity certification documents, customers return visit, conducting on-site inspections, or verifying with the public security and industry and commerce administrative departments. For example, financial institutions can currently check the information of resident ID cards online.
Identity information should be updated in a timely manner, and if it is not updated within a reasonable time period and there is no reasonable reason, the financial institution should suspend business for customers.
When the customer refuses to provide valid identity documents or refuses to update basic customer information without justifiable reasons, or the financial institution still doubts the authenticity, validity and integrity of the previously obtained customer identity data after taking necessary measures.
All citizens can report money laundering crimes and their predicate crimes, and every citizen has the duty and right to report. Citizens can choose from a variety of forms to report.