On October 29, 2018, the People’s Bank of China launched a public consultation on a proposed draft regulatory instrument called “Measures for the Administration of Anti-Money Laundering and Anti-Terrorism Financing of Banking Financial Institutions”. The measures aim to provide a comprehensive approach to the adoption and management of financial crime risk controls. The measures apply to “banking financial institutions”, as defined by Article 3 of the instrument.
The measures are aligned with the views and policies underlined by the General Office of the State Council on improving the domestic anti-money laundering and counter-terrorist financing (AML/CTF) system, released in September 2017.
The main features of the measures are:
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