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Article 1. The present measures are formulated in accordance with Law of the People's Republic of China on the People's Bank of China and other relevant laws and administrative regulations with a view to strengthening the supervision and administration of payment transactions in Renminbi, regulating the reporting of payment transactions in Renminbi, and preventing such illegal and criminal activities as laundering money by using bank settlement of payments. Article 2. Payment transaction in Renminbi mentioned in the present measures shall refer to the transaction of payment in currency calculated in Renminbi and the settlement of funds thereof, which is made by an entity or individual in public economic activities by negotiable instruments, bank cards, remittance, collection with acceptance, authorized collection, on-line payment, cash or other means. Large payment transaction shall refer to the transaction of payment in Renminbi at or above the stipulated amount. Doubtful payment transaction shall refer to the transaction of payment in Renminbi with the amount, frequency, flow, uses, nature, etc. of the transaction under unusual circumstances. Article 3. Policy-related banks, commercial banks, urban and rural credit cooperatives and their associate cooperatives, postal depositary and remittance institutions (hereinafter referred to financial institutions), which are established inside the territory of the People's Republic of China upon approval by the People's Bank of China shall abide by the present measures when handling the payment transaction business. Article 4. The People's Bank of China and its branches shall be responsible for supervising and administering the reporting of payment transactions. Article 5. The People's Bank of China shall set up a system for monitoring payment transactions to supervise the payment transactions. Article 6. The business department of a financial institution shall set up special posts for anti-laundry of money and the system of post responsibility, and designate special persons to be responsible for making records, analysis and reports on large payment transactions and doubtful payment transactions. Article 7. The following payment transactions shall belong to large payment transactions: (1) single payment by transfer of account between legal persons, other organizations and individual industrial and commercial businesses (hereinafter uniformly referred to entities) with the amount at 1 million Yuan or more; (2) single cash receipt and payment, including cash deposit, cash disbursement and cash remittance, cash draft, cash promissory note collection, with the amount at 200,000 Yuan or more; (3) transfer of money between banking settlement accounts for individuals or between a banking settlement account for individual and a banking settlement account for entity, with the amount at 200,000 Yuan or more. Article 8. The following payment transactions shall belong to doubtful payment transactions: (1) separate inward transfer and concentrative outward transfer, or concentrative inward transfer and separate outward transfer of funds within a short term; (2) that whose frequency and amount of fund receipts and payments obviously do not conform to the enterprise's operation scale; (3) that whose flow of fund receipts and payments obviously do not conform to the enterprise's scope of business; (4) that for which the enterprise's daily receipts and payments obviously do not conform to its operational characters; (5) that for which a large quantity of periodical fund receipts and payments obviously do not conform to the enterprise's nature and business characters; (6) that for which fund receipts and payments frequently occur between the same receivers and payers within a short term; (7) that for which the account left unused for long is unexpectedly used for unclear reasons, and there are a large quantity of fund receipts and payments within a short term; (8) frequent receipt of individual remittance obviously irrelated to its business within a short term; (9) that for which the amount, frequency and uses of deposited cash obviously do not conform to its normal cash receipts and payments; (10) the cash receipts and payments in a banking settlement account for individual totals 1 million Yuan or more within a short term; (11) obvious increase of commercial activities between the clients in areas with serious drug trafficking, smuggling and terrorist activities, accompanied by frequent fund payments within a short term; (12) frequent opening and cancellation of accounts, with a large quantity of fund receipts and payments occurring before the cancellation of accounts; (13) intentionally breaking up the whole into parts to avoid supervision of large payment transaction; (14) other doubtful payment transactions provided for by the People's Bank of China; (15) other payment transactions considered doubtful by financial institutions upon their judgment. "Short term" mentioned in the present article shall refer to a period within 10 business days. Article 9. When a depositor applies to open a banking settlement account, the financial institution shall examine the authenticity, entirety and legitimacy of the materials it submitted for opening the account. Article 10. A financial institution shall set up the file of depositors' information data, preserve the information on the depositors of banking settlement account, including information such as the names of the depositors of the banking settlement account for entities, names of the legal representatives or responsible persons and the names and numbers of their identification certificates, materials of proof for opening the account, organizational code, domicile, registered capital, scope of business, main depositors for the flow of funds, the amount of daily average receipts and payments in the account, and information such as the names of the depositors of the banking settlement account for individuals, names and numbers of the identification certificates, domiciles. Article 11. A financial institution shall, if, when handling the business of payment settlement, finding any of its clients is under any circumstance enumerated in Article 8 of the present measures, record and analyze the doubtful payment transaction, and fill in the "Report Form on Doubtful Payment Transactions" (see Attached Form 1 for format) before submitting it. Article 12. Where a financial institution needs to further verify the doubtful payment transactions, it shall timely report to the People's Bank of China. When the People's Bank of China is inquiring a doubtful payment transaction, the relevant financial institution shall be responsible for finding out the matter, replying in time, and recording it in file. Article 13. Financial institutions shall, in accordance with the provisions on the management of bank accounting files, preserve the payment transaction records. Article 14. Financial institutions shall, in accordance with the present measures, formulate internal management systems and operation rules for report of payment transactions, and report them to the People's Bank of China. A financial institution shall supervise and inspect the implementation by its branches of the internal management systems. Article 15. Large payments by transfer of account shall be reported by the financial institutions by connecting the relevant system with the payment transaction monitoring system. Large cash receipts and payments shall be reported by the financial institutions through their business treatment systems or in writing. Doubtful payment transactions shall be examined by the financial institutions on the counter, and then be reported in writing or by other means. Article 16. A financial institution shall, when handling large payments by transfer of account, report to the general bank of the People's Bank of China on the second working day as of the transaction day. For large cash receipts and payments, the financial institution shall, on the second working day as of the day when the business occurred, submit them to the local branch or sub-branch of the People's Bank, who shall then transmit them to the general bank of the People's Bank of China. Article 17. Where the business department of a policy-related bank, a wholly state-owned commercial bank or a stock commercial bank finds any doubtful payment transaction, it shall fill in a "Report Form on Doubtful Payment Transactions" and submit the form to a first-level branch. The first-level branch shall, after the receipt and analysis of the "Report Form on Doubtful Payment Transactions", submit the form to the local branch, the business management department and the central sub-branch of the People's Bank of China (hereinafter referred to PBOC) in the capital city on the second working day as of the receipt, and meanwhile submit the form to its own superior bank. Where the business department of an urban commercial bank, rural commercial bank, urban and rural credit cooperative or its associate cooperative, solely foreign-funded bank, Chinese-foreign joint venture bank or the branch of a foreign bank finds any doubtful payment transaction, it shall fill in a "Report Form on Doubtful Payment Transactions" and submit the form to the PBOC's local branch, business management department, central sub-branch in the capital city and central sub-branch in other prefecture or city. The PBOC's central sub-branch in other prefecture or city shall, on the second working day as of the receipt of the "Report Form on Doubtful Payment Transactions", submit the form to the PBOC's branch in the province where it is located, the PBOC's business management department and central sub-branch in the capital city. Article 18. The business department of a financial institution shall, if finding upon analysis that a payment transaction in Renminbi is suspected to obviously involve a crime and needs to be immediately investigated, immediately report to the local public security organ, and meanwhile report to its superior entity. Article 19. The PBOC's branches, business management departments and central sub-branches in capital cities shall analyze the "Report Forms on Doubtful Payment Transactions" submitted by the financial institutions; and shall, if necessary for the financial institutions to supplement materials or make further statement, immediately notify them and state the fact. Article 20. The PBOC's branches, business management departments and central sub-branches in capital cities shall gather the "Report Forms on Doubtful Payment Transactions" submitted by the financial institutions every week (see Attached Form 2 for format), and report to the general bank of the People's Bank of China on the first working day of each week; and shall, with respect to major doubtful payment transactions, immediately report to the general bank of the People's Bank of China. Article 21. Neither the People's Bank of China nor any financial institution shall divulge the information on doubtful payment transactions to any entity or individual, unless otherwise provided for by law. Article 22. Where a financial institution fails to examine the account-opening documents in accordance with the provisions but opens a settlement account for an individual, it shall be imposed upon a warning by the People's Bank of China, and a fine of not less than 1000 Yuan but not more than 5000 Yuan in addition. If the case is serious, the directly responsible senior manager's qualification to hold the post shall be cancelled. Article 23. A financial institution that is under any of the following circumstances shall be ordered by the People's Bank of China to make a correction within a time limit, and be imposed upon a warning. If it does not make a correction within the time limit, it may be imposed upon a fine of not more than 30,000 Yuan: (1) it fails to examine the account-opening documents in accordance with the provisions, and thus an entity opened a false banking settlement account; (2) it fails to set up the file of depositors' information data or fails to entirely collect the depositors' information data; (3) it fails to preserve a client's transaction records in accordance with the provisions; (4) it fails to examine and report a payment transaction in accordance with the present measures; (5) it does not report a doubtful payment transaction which it knows clearly or ought to know; or (6) it violates Article 21 by divulging the information on doubtful payment transactions. Article 24. Where an employee of a financial institution assists a depositor in laundering money by participating in forging account-opening documents and opening a banking settlement account, he shall be imposed upon a disciplinary sanction; if he commits a crime, the case shall be transferred to the judicial organ and his criminal liabilities shall be investigated for in accordance with the law. Article 25. Where a financial institution violates the present measures, and the case is serious, the People's Bank of China shall cease approving it to open the basic deposit account, suspend or cease part or all of its business of payment settlement, and cancel the qualification of the senior manager directly responsible for the financial institution to hold the post. Article 26. Any functionary of the People's Bank of China who violates Article 21 of the present measures shall be imposed upon an administrative sanction in accordance with the law. Article 27. "Not less than" and "not more than" used in the present measures both include the given figure. Article 28. The present measures shall come into force on March 1, 2003. Attachments: omitted. |
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