|
Welcome Guest
|
|
You are using Guest Account
|
|
||||||||||||||||||||||||||||||||||
|
Article 1. In order to prohibit criminals from laundering money through financial institutions and to ensure the security of finance, the present Provisions have been formulated in accordance with the Law of the People's Republic of China on the People's Bank of China and other laws and administrative regulations. Article 2. The present Provisions shall be applicable to the work of anti-money-laundering through financial institutions. The term "financial institutions" refers to the institutions established in accordance with Chinese law within the borders of China and engaged in financial business, including policy banks, commercial banks, credit unions, postal savings agencies, financial companies, trust and investment companies, financial lease companies and foreign-funded financial institutions. Article 3. The term "laundering money" refers to the act of legalizing the form of illegal incomes and other gains arising from drug crimes, organized crimes in the nature of gangsterdom, crimes of terrorism, crimes of smuggling and other crimes by various means of disguising and concealing the source and nature thereof. Article 4. Financial institutions and their staff shall carefully perform the duties of anti-money-laundering in accordance with the present Provisions, shall cautiously identify doubtful transactions, shall not engage in unfair competitions hindering the performance of the duties of anti-laundering money. Article 5. Financial institutions and their staff shall keep secret in the work of fighting against money-laundering, shall not release relevant information to the customers and other persons in violation of the present Provisions. Article 6. Financial institutions shall, in accordance with the law, help and cooperate with judicial organs and administrative organs for law enforcement to fight against activities of laundering money, and shall, in conformity with relevant laws and administrative regulations, assist judicial organs, customs and taxation departments, to inquire about, freeze and deduct or transfer the savings of the customers. Overseas branches of Chinese-funded financial institutions shall abide by pertinent laws and provisions of anti-money-laundering of the country or region where they are located and shall, in accordance with the law, help and cooperate with the country or region where they are located in the work of fighting against money laundering. Article 7. The People's Bank of China is the supervising and managerial organ for the work of fighting against the laundering of illegal money. The People's Bank of China shall establish a leading group for the work of anti-money-laundering through financial institutions, which shall perform the following duties: (1) shall be responsible for the uniform supervision and coordination in the work of anti-money-laundering through financial institutions; (2) shall study and create strategies, programs and policies of anti-money-laundering through financial institutions, formulate rules of anti-money-laundering and rules of reporting large sum and doubtful renminbi fund transactions; (3) shall install monitoring system on payments and transactions, monitoring the activities of paying money and transactions; (4) shall study the important hard issues and put forward solutions and countermeasures; (5) shall participate in international cooperation in the area of anti-money-laundering, direct the work of foreign exchange and cooperation in anti-money-laundering through financial institutions; and (6) and other supervision duties that shall be undertaken by the People's Bank of China. The State Administration of Foreign Exchange shall be responsible for the supervision of the work of reporting large sum and doubtful renminbi fund transactions and it shall formulate rules of reporting large sum and doubtful renminbi fund transactions. Article 8. Financial institutions shall establish and perfect the interior control system of anti-money-laundering in accordance with relevant regulations of the People's Bank of China and report to the People's Bank of China for archival purposes. Article 9. A financial institutions shall set up special department of anti-money-laundering or specify one of its interior departments to take charge of the work of anti-money-laundering and assign necessary managerial and technical personnel. A financial institution shall establish special department of anti-money-laundering or specify one of its interior departments to take charge of the work of anti-money-laundering in their subordinate body in light of the actual needs, and in conformity with the principle of level-to-level administration, they shall supervise and check their implementation of the present Provisions and the interior control system of anti-laundering money. A Newly established financial institution or a newly added subordinate branch shall formulate effective measures of anti-laundering money. Article 10. A financial institution shall establish the customer's identity registration system, shall verify the identity of every customer who is handling savings and settlements, at the financial institution. A financial institution shall not open account in anonym or in fictitious name for a customer and shall not handle deposit and settlement, for an unidentified customer. Article 11. When a person opens a personal savings account and handles settlement at a financial institution, the financial institution shall request him to show his own identity card, make verifications and record the name and number of the identity card. When a person acts as an agent of another person in opening a personal savings account at a financial institution, the financial institution shall request the agent to present the identity cards of both the principal and the agent, make verifications and record the names and numbers of the identity cards. If a person refuses to present his own identity card or use the name on his own identity card, the financial institution shall not open a personal savings account for him. Article 12. When a financial institute sets up an account or handles deposit and settlement for a unit, it shall request the unit to present valid identification documents and materials in accordance with relevant regulations of the People's Bank of China, and make verifications and registration. If a unit fails to present valid identification documents and materials, the financial institution shall not handle deposit and settlement, for it. Article 13. When a financial institution finds a large sum transaction in the course of providing financial services to its customers, it shall report to the People's Bank of China or to the State Administration of Foreign Exchange in accordance with pertinent regulations. The report standards for large sum transactions shall be implemented in accordance with the pertinent rules of reporting fund transactions of the People's Bank of China and the State Administration of Foreign Exchange. Article 14. When a financial institution finds a transaction doubtful in the course of providing financial services, it shall report to the People's Bank of China or the State Administration of Foreign Exchange. The report standards for doubtful transactions shall be implemented in accordance with the pertinent rules of reporting fund transactions of the People's Bank of China and the State Administration of Foreign Exchange. Article 15. In accordance with the pertinent rules of reporting procedure for fund transactions of the People's Bank of China and the State Administration of Foreign Exchange, the subordinate body of a financial institution shall report the information of large sum and doubtful fund transactions to the local branch of the People's Bank of China or of the State Administration of Foreign Exchange, and report to its superior organ at the same time. Article 16. A financial institution shall check and analyze large sum and doubtful fund transactions and shall report the suspected crimes to the local security organ. Article 17. A financial institution shall keep the customer's account materials and transaction records within the period prescribed as below: (1) account materials, at least 5 years as of the cancellation of an account; and (2) transaction records, at least 5 years as of the account day of a transaction. The term " transaction records" in the preceding section includes the holder of an account, the deposited or drawn amount through the account, transaction time, source and direction of the fund, and the drawing form of the fund. The preservation and account materials and transaction records shall be implemented in accordance with the pertinent regulations of the state concerning the management of accounting archives. Article 18. The report and other materials of a large sum and doubtful transaction, which is suspected of a crime upon the analysis and study of the People's Bank of China or the State Administration of Foreign Exchange, shall be transferred to the judicial organs and the content in such a report shall not be released to the customer of the financial institute or any other person. Article 19. The People's Bank of China shall be responsible for guiding and organizing the training of anti-money-laundering through financial institutions. Financial institutions shall carry out propagandas to their customers in respect of the fight against money-laundering and train their staff for anti-money-laundering, making them grasp relevant laws, administrative regulations and rules concerning anti-money-laundering and improving their abilities of anti-laundering money. Article 20. When a financial institution violates any of the present Provisions with any of the following acts, the People's Bank of China shall give it a warning and order it to get right within a time limit. If it fails to get right within the time limit, it shall be imposed a fine of less than 30000 yuan. If the circumstances are serious, the superior manager who takes direct charge may be removed from his office: (1) failing to establish a system of interior control of anti-money-laundering in accordance with the Provisions; (2) failing to establish special department or specify special department to take charge of anti-money-laundering in accordance with the Provisions; (3) failing to request the unit customers to present valid identification documents and materials and failing to make verifications and registration in accordance with the Provisions; (4) failing to preserve the customer' account materials and transaction records in accordance with the Provisions; (5) releasing relevant information of anti-money-laundering to the customer and other persons in violation of the Provisions; or (6) failing to report large sum transactions or doubtful transactions in accordance with the Provisions. Article 21. When a financial institution engaged in foreign exchange fails to report the abnormal circumstances in time, including purchase of large sum of foreign exchange, frequent purchase of foreign exchange, deposit or drawing large sum of foreign cash, it shall be punished in accordance with Article 25 of the Provisions of Imposing Punishments on Illegal Financial Activities. Article 22. When a financial institution violates relevant laws and administrative regulations, engages in unfair competition and impairs the performance of the duties of anti-money-laundering in its businesses, it shall be punished in accordance with the Provisions of Imposing Punishments on Illegal Financial Activities, if the circumstances are serious, the superior manager who takes direct charge in the financial institution shall be imposed disciplinary punishment and shall be removed from his office. Article 23. When a financial institution opens a personal account for a customer in violation of relevant laws and administrative regulations, the People's Bank of China shall give a warning and may impose a fine of not less than RMB 1,000 yuan but not more than RMB 5,000 yuan. If the circumstances are serious, the superior manager who takes direct charge in the financial institution and shall be removed from his office. Article 24. The Association of the Banks of China, the Association of Financial Companies and other self-disciplined organizations in financial area may formulate guidelines for fighting against money-laundering. Article 25. The present Provisions shall come into force as of March 1, 2003. |
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
|
Copyright 2002 NovexCn.com
|