Administrative Measures for Anti-money Laundering and Counter-terrorism Financing for Banking Financial Institutions
Administrative Measures for Anti-money Laundering and Counter-terrorism Financing for Banking Financial Institutions
Administrative Measures for Anti-money Laundering and Counter-terrorism Financing for Banking Financial Institutions
Order of the China Banking and Insurance Regulatory Commission [2019] No.1
January 29, 2019
The Administrative Measures for Anti-money Laundering and Counter-terrorism Financing for Banking Financial Institutions, adopted at the seventh chairman's meeting of the China Banking and Insurance Regulatory Commission in 2018, are hereby promulgated and shall take effect immediately from the date of promulgation.
Chairman Guo Shuqing
Administrative Measures for Anti-money Laundering and Counter-terrorism Financing for Banking Financial Institutions
Chapter I General Provisions
Article 1 The Measures are formulated in accordance with the Law of the People's Republic of China on Banking Supervision and Regulation, the Anti-money Laundering Law of the People's Republic of China, the Anti-terrorism Law of the People's Republic of China and other relevant laws and administrative regulations, with a view to preventing money laundering and terrorist financing activities, effectively conducting anti-money laundering and counter-terrorism financing in banking financial institutions.
Article 2 The banking regulator under the State Council shall, in accordance with the provisions of laws and administrative regulations, cooperate with the anti-money laundering administration under the State Council to perform the duties of supervising and regulating anti-money laundering and counter-terrorism financing practices in banking financial institutions.
Local branches of the banking regulator under the State Council shall, in accordance with provisions of laws, administrative regulations and the Measures, be responsible for supervising and regulating the anti-money laundering and counter-terrorism financing in banking financial institutions within their jurisdictions.
Article 3 For the purpose of the Measures, the term "banking financial institutions" refers to financial institutions with the function of absorbing public deposits, such as commercial banks, rural cooperative banks and rural credit cooperatives, etc., as well as policy banks and China Development Bank, all of which are established within the territory of the People's Republic of China.
Provisions hereof on banking financial institutions shall apply to the regulation of anti-money laundering and counter-terrorism financing in financial asset management companies, trust companies, enterprise group finance companies, financial leasing companies, auto finance companies, currency brokerage companies, consumer finance companies established within the territory of the People's Republic of China, and other financial institutions established upon the approval of the banking regulator under the State Council.
Article 4 Any overseas branch and subsidiary of a banking financial institution shall abide by the legal provisions on anti-money laundering and counter-terrorism financing in the country (region) where such branch or subsidiary is located, assist and cooperate with local regulators, and meanwhile, within the scope permitted by the laws of such country (region), implement the relevant requirements hereof.
If the implementation of relevant requirements hereof is not permitted in the country (region) where it is located, the banking financial institution shall take appropriate and additional measures to deal with money laundering and terrorist financing risks, and report such measures to the banking regulator under the State Council.
Chapter II Banking Financial Institutions' Anti-money Laundering and Counter-terrorism Financing Obligations
Article 5 A banking financial institution shall establish a complete money laundering and terrorism financing risk management system, comprehensively identify and assess the money laundering and terrorist financing risks it faces, and adopt policies and procedures applicable to such risks.
Article 6 A banking financial institution shall incorporate money laundering and terrorist financing risk management into a comprehensive risk management system, embed anti-money laundering and counter-terrorism financing requirements into compliance management and internal control systems, and ensure that money laundering and terrorism financing risk management systems can comprehensively cover all their products and services.
Article 7 A banking financial institution shall establish an internal anti-money laundering and counter-terrorism financing control system according to the law and supervise the implementation of such system by their branches and subsidiaries. The internal anti-money laundering and counter-terrorism financing control system shall involve:
(1) the division of duties for internal control of anti-money laundering and counter-terrorism financing operations;
(2) the measures for internal control of anti-money laundering and counter-terrorism financing operations;
(3) the assessment mechanism for internal control of anti-money laundering and counter-terrorism financing operations;
(4) the supervision system for internal control of anti-money laundering and counter-terrorism financing operations;
(5) the emergency disposal mechanism for major money laundering and terrorist financing risk events;
(6) the anti-money laundering and counter-terrorism financing information confidentiality system; and
(7) others as stipulated by the banking regulator and the competent administrative anti-money laundering department under the State Council.
Article 8 A banking financial institution shall build up a money laundering and terrorism financing risk governance framework with a complete organizational structure and clear boundaries of duties, specifying the division of duties of the board of directors, the board of supervisors, senior management, business department, anti-money laundering and counter-terrorism financing management department and internal audit department, etc.
......
Order of the China Banking and Insurance Regulatory Commission [2019] No.1
January 29, 2019
The Administrative Measures for Anti-money Laundering and Counter-terrorism Financing for Banking Financial Institutions, adopted at the seventh chairman's meeting of the China Banking and Insurance Regulatory Commission in 2018, are hereby promulgated and shall take effect immediately from the date of promulgation.
Chairman Guo Shuqing
Administrative Measures for Anti-money Laundering and Counter-terrorism Financing for Banking Financial Institutions
Chapter I General Provisions
Article 1 The Measures are formulated in accordance with the Law of the People's Republic of China on Banking Supervision and Regulation, the Anti-money Laundering Law of the People's Republic of China, the Anti-terrorism Law of the People's Republic of China and other relevant laws and administrative regulations, with a view to preventing money laundering and terrorist financing activities, effectively conducting anti-money laundering and counter-terrorism financing in banking financial institutions.
Article 2 The banking regulator under the State Council shall, in accordance with the provisions of laws and administrative regulations, cooperate with the anti-money laundering administration under the State Council to perform the duties of supervising and regulating anti-money laundering and counter-terrorism financing practices in banking financial institutions.
Local branches of the banking regulator under the State Council shall, in accordance with provisions of laws, administrative regulations and the Measures, be responsible for supervising and regulating the anti-money laundering and counter-terrorism financing in banking financial institutions within their jurisdictions.
Article 3 For the purpose of the Measures, the term "banking financial institutions" refers to financial institutions with the function of absorbing public deposits, such as commercial banks, rural cooperative banks and rural credit cooperatives, etc., as well as policy banks and China Development Bank, all of which are established within the territory of the People's Republic of China.
Provisions hereof on banking financial institutions shall apply to the regulation of anti-money laundering and counter-terrorism financing in financial asset management companies, trust companies, enterprise group finance companies, financial leasing companies, auto finance companies, currency brokerage companies, consumer finance companies established within the territory of the People's Republic of China, and other financial institutions established upon the approval of the banking regulator under the State Council.
Article 4 Any overseas branch and subsidiary of a banking financial institution shall abide by the legal provisions on anti-money laundering and counter-terrorism financing in the country (region) where such branch or subsidiary is located, assist and cooperate with local regulators, and meanwhile, within the scope permitted by the laws of such country (region), implement the relevant requirements hereof.
If the implementation of relevant requirements hereof is not permitted in the country (region) where it is located, the banking financial institution shall take appropriate and additional measures to deal with money laundering and terrorist financing risks, and report such measures to the banking regulator under the State Council.
Chapter II Banking Financial Institutions' Anti-money Laundering and Counter-terrorism Financing Obligations
Article 5 A banking financial institution shall establish a complete money laundering and terrorism financing risk management system, comprehensively identify and assess the money laundering and terrorist financing risks it faces, and adopt policies and procedures applicable to such risks.
Article 6 A banking financial institution shall incorporate money laundering and terrorist financing risk management into a comprehensive risk management system, embed anti-money laundering and counter-terrorism financing requirements into compliance management and internal control systems, and ensure that money laundering and terrorism financing risk management systems can comprehensively cover all their products and services.
Article 7 A banking financial institution shall establish an internal anti-money laundering and counter-terrorism financing control system according to the law and supervise the implementation of such system by their branches and subsidiaries. The internal anti-money laundering and counter-terrorism financing control system shall involve:
(1) the division of duties for internal control of anti-money laundering and counter-terrorism financing operations;
(2) the measures for internal control of anti-money laundering and counter-terrorism financing operations;
(3) the assessment mechanism for internal control of anti-money laundering and counter-terrorism financing operations;
(4) the supervision system for internal control of anti-money laundering and counter-terrorism financing operations;
(5) the emergency disposal mechanism for major money laundering and terrorist financing risk events;
(6) the anti-money laundering and counter-terrorism financing information confidentiality system; and
(7) others as stipulated by the banking regulator and the competent administrative anti-money laundering department under the State Council.
Article 8 A banking financial institution shall build up a money laundering and terrorism financing risk governance framework with a complete organizational structure and clear boundaries of duties, specifying the division of duties of the board of directors, the board of supervisors, senior management, business department, anti-money laundering and counter-terrorism financing management department and internal audit department, etc.
......