People's Republic Of China Anti-Money Laundering Law

Original Language Title: 中华人民共和国反洗钱法

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(October 31, 2006, deputies of the 24th meeting of the Standing Committee) to People's Republic of China order of the President of the 56th, the People's Republic of China anti-money laundering Act by the People's Republic of China of deputies of the 24th meeting of the Standing Committee, adopted on October 31, 2006, are hereby promulgated and, as of January 1, 2007.
People's Republic of China President Hu Jintao on October 31, 2006 contents chapter I General provisions chapter II chapter III of the supervision and management of financial institutions against money laundering AML obligations the fourth chapter of the anti money-laundering investigation fifth sixth chapter of international cooperation against money-laundering law liability the seventh chapter by-laws chapter I General provisions article in order to prevent money-laundering activities, maintain financial order, curb money laundering and related crimes, this law is enacted.
Referred to in article II of this law against money-laundering, refers to prevent disguised in various ways, to hide drug-related crime, mafia-style organized crime, terrorist crimes and the crime of smuggling, embezzlement and bribery, sabotage of financial management order crime, proceeds of crime proceeds of crime of financial fraud and the source and nature of money-laundering, in accordance with the provisions of this law, take measures of behavior.
Article in the People's Republic of China set up financial institutions and should comply with anti-money laundering obligations pursuant to the provisions of a specific non-financial institutions, it shall take measures to prevent, monitor, establish and improve the system of client identification, client identification data and transaction record-keeping systems, large-value and suspicious transactions reporting, anti-money laundering obligations. Article fourth anti-money-laundering Administrative Department under the State Council is responsible for supervision and administration of the national anti-money-laundering.
Relevant departments of the State, institution, within the scope of their respective duties anti-money laundering regulatory duties.
Anti money laundering administrative departments under the State Council and the State Council departments concerned, the institutions and the judiciary should cooperate in combating money laundering.
Article fifth anti-money laundering law responsibility or obligation to obtain customer identification data and transaction information shall be kept confidential non-prescribed by law shall not provide to any entity or individual.
Anti-money laundering administrative departments and others legally responsible for supervision and administration of anti-money laundering departments, agencies carrying out anti-money laundering responsibilities access to customer identification data and transaction information shall only be used in administrative investigations against money-laundering.
Judicial authority in accordance with this law to obtain customer information and transaction information shall only be used in criminal proceedings against money-laundering.
Sixth anti-money laundering obligations of the body and its staff shall submit transactions and suspicious transaction reports, are protected by law. Seventh article of any units or individuals found that money-laundering activities has the right to report to the Administrative Department for anti-money laundering or a public security organ.
Receive reports from the reporting authorities shall on informants and confidential.
Second chapter anti-money-laundering supervision management eighth article State anti-money-laundering administrative competent sector organization, and coordination national of anti-money-laundering work, is responsible for anti-money-laundering of funds monitoring, developed or with State about financial supervision management institutions developed financial institutions anti-money-laundering regulations, supervision, and check financial institutions perform anti-money-laundering obligations of situation, in duties range within survey suspicious trading activities, perform legal and State provides of about anti-money-laundering of other duties.
Anti-money-laundering agency of the Executive Department of the State Council on anti-money laundering within the scope authorized by the competent administrative Department of the State Council, anti-money laundering obligations on financial institutions to supervise and inspect the situation.
Nineth of State financial regulatory agencies involved in the supervision and management of financial institutions anti-money laundering regulations, made in accordance with the provisions on the supervision and management of financial institutions establish anti-money laundering internal control system requirements, fulfill their legal and other duties as prescribed by the State Council on anti-money-laundering.
Tenth anti-money-laundering administrative departments to set up anti-money-laundering information center under the State Council, responsible for the analysis of large-value and suspicious transactions reports received, and in accordance with the provisions of anti-money-laundering reporting the results of analysis by the Administrative Department under the State Council to meet anti-money-laundering other duties as prescribed by the Administrative Department of the State Council.
11th State Council Administrative Department for anti-money-laundering funds for anti-money laundering monitoring duties can be obtained from the relevant departments and agencies of the State Council the information necessary, relevant departments of the State Council, institutions should be provided.
Anti-money laundering administrative departments under the State Council shall provide the relevant State Council departments, bodies regularly informed on anti-money-laundering work.
12th article customs discovered that personal immigration carrying cash, bearer securities in excess of the prescribed amount shall be promptly to inform the competent administrative Department for anti-money laundering.
Standards should be informed of the amount of the preceding paragraph shall be formulated by the Administrative Department for anti-money-laundering provisions in conjunction with the General Administration of customs.
13th anti-money-laundering administrative departments and others legally responsible for supervision and administration of anti-money laundering Department, agency suspected money laundering transactions shall be promptly reported to the investigating authorities.
14th on financial regulatory authority under the State Council for approval new financial institutions or financial institutions when additional branch, should review the anti-money laundering internal control system of the new programme for an application do not comply with the provisions of this law, shall not be approved.
Chapter 15th anti-money-laundering obligations of financial institutions financial institutions shall, in accordance with the provisions of this law establish anti-money laundering internal control systems, head of financial institutions should be responsible for the effective implementation of anti-money laundering internal control system.
Financial institutions shall establish anti-money laundering or specify the internal body in charge of money laundering.
16th a financial institution should be established in accordance with the provisions of the customer identification system.
Financial institutions and establish business relationships or to provide the required amount of cash remittances, cash, bills paid, and other one-time financial services, customers should be required to show valid ID card or other identification documents, checks and register.
Customers Transact Business by another agent, financial institutions should be both the agent and the principal's ID card or other proof of identity checked and registered.
With customers to establish business relations such as life insurance, trusts, beneficiary of a contract is not a customer, financial institutions should also be in favor of ID card or other proof of identity checked and registered.
A financial institution shall not provide services for unidentified customer or trading, or for customers opening anonymous or pseudonymous accounts.
Financial institutions of previously obtained customer identification data authenticity, validity or completeness of doubt, shall identify customers ' identity anew.
No units and individuals with financial institutions to establish business relations or to require financial institutions to provide one-time financial services, should provide true and valid ID card or other identification documents.
Article 17th of financial institutions to identify customers ' identities through a third party, shall ensure that the third party satisfies the requirements of this law have been taken client identification measures; the third party did not request client identification measures taken in accordance with the law, borne by the financial institution does not comply with client identification obligations of responsibility.
The 18th financial institution to conduct client identification, when deemed necessary, related to public security, industry and commerce administration departments to verify the customer's identity.
19th a financial institution should be established in accordance with the provisions of the customer identification data and transaction record-keeping system.
During the business relationship saved Xuan, client identification information is changed, shall update customer information.
Customer identification data in the business relations after the end of, customer transaction information after the completion of the transaction, shall be kept for at least five years.
When the bankruptcy and dissolution of financial institutions and customer identification data and customer transaction information specified by the relevant departments under the State Council bodies.
20th financial institution shall, in accordance with provisions of large transactions and suspicious transaction reporting system.
Financial institutions of a single transaction or within the prescribed time the cumulative transactions exceeding a specified amount or suspicious transactions shall be promptly reported to the anti-money-laundering information center. 21st financial institutions customer identification system, customer identity and transaction system of record-keeping and the specific measures shall be formulated by the Administrative Department for anti-money-laundering formulated in conjunction with the relevant financial supervision and administration.
Financial institutions of large-value and suspicious transaction reports and the specific measures shall be formulated by the administrative authorities against money-laundering.
22nd financial institution shall, in accordance with anti money-laundering prevention, monitoring, system requirements, anti-money-laundering training and advocacy.
Fourth chapter of the anti money-laundering investigation article 23rd the anti-money laundering administrative authorities or provincial agency found that suspicious trading activity, required investigation to verify, to investigate financial institutions, financial institutions should cooperate truthfully provide the relevant documents and information. When investigating suspicious trading activity, the investigator shall be at least two people, and show proper identification and the anti-money laundering administrative department or provincial agency issued notice of investigation.
Investigators less than two people or it is not proof of legal documents and letters of investigation, financial institutions have the right to refuse investigation.
24th investigating suspicious trading activity, ask the financial institution concerned, asking them to explain the situation. Inquiry shall make inquiry record. Ask those questioned record shall be checked. Of any omission or mistake, interrogated may require supplementation or correction.
Be asked confirmation record is correct, they shall sign or affix their seals; investigators should also sign the record.
25th survey needs further verification and anti-money-laundering Chief Executive by the State Council or its provincial approval of the head of the Agency, you can read and copy the object under investigation account information, transactions, and other relevant information may be tampered with by transferring, hiding, or destruction of documents and data, can be sealed.
Investigators sealed documents and materials, shall, together with the financial institutions staff carefully checked, a list in duplicate, signed by the investigator and the financial institution staff or seal, a financial institution, a volume for future reference. 26th as investigation was still suspected of money-laundering cannot be ruled out, it shall immediately report to the investigative authority of competent jurisdiction.
Customers requested that the investigation involved account for transferring funds overseas, approved by the head of anti-money-laundering Administrative Department under the State Council, temporarily freeze measures can be taken. After the authorities received a report of investigation, the provisional frozen funds in accordance with the provisions of the preceding paragraph shall promptly decide whether to continue the freeze.
Investigation it deems it necessary to continue to freeze, in accordance with the provisions of the criminal procedure code the freeze; do not consider it necessary to continue freezing, it shall immediately inform the anti-money-laundering Administrative Department under the State Council, anti-money-laundering Administrative Department under the State Council shall immediately notify the financial institution unfrozen. Temporary freezing shall not exceed 48 hours.
Financial institution in anti-money-laundering requirements of administrative departments under the State Council within 48 hours of the temporary freeze, has not received notice from investigative bodies to continue to freeze should be immediately frozen.
Fifth chapter 27th International cooperation against money-laundering People's Republic of China in accordance with concluded or acceded to an international treaty or in accordance with the principles of equality and mutual benefit, carry out international cooperation against money-laundering.
28th anti-money-laundering Administrative Department under the State Council authorized by the State Council, on behalf of the Chinese Government and the foreign Governments and the relevant international cooperation against money-laundering to law with overseas anti-money-laundering agency exchange of anti-money laundering-related information and data.
29th judicial assistance involving accountability for money-laundering offences, shall be handled by the judicial authorities in accordance with the relevant laws.
Sixth chapter legal responsibility 30th article anti-money-laundering administrative competent sector and other law has anti-money-laundering supervision management duties of sector, and institutions engaged in anti-money-laundering work of personnel has following behavior one of of, law give administrative sanctions: (a) violation provides for check, and survey or take temporary freeze measures of; (ii) leaked for anti-money-laundering knows of national secret, and commercial secret or personal privacy of; (three) violation provides on about institutions and personnel implementation administrative punishment of; (four) other not law perform duties of behavior. 31st article financial institutions has following behavior one of of, by State anti-money-laundering administrative competent sector or its authorized of set district of city level above sent institutions ordered deadline corrected; plot serious of, recommends about financial supervision management institutions law ordered financial institutions on directly is responsible for of Director, and senior management personnel and other directly responsibility personnel give disciplinary: (a) not according to provides established anti-money-laundering internal control system of; (ii)
Failing to set up anti-money laundering or specify the internal body in charge of money-laundering and (iii) it fails to provide for AML training of employees. 32nd article financial institutions has following behavior one of of, by State anti-money-laundering administrative competent sector or its authorized of set district of city level above sent institutions ordered deadline corrected; plot serious of, at 200,000 yuan above 500,000 yuan following fine, and on directly is responsible for of Director, and senior management personnel and other directly responsibility personnel, at 10,000 yuan above 50,000 yuan following fine: (a) not according to provides perform customer identity recognition obligations of; (ii) not according to provides save customer identity information and trading records of; (three)
Failing to report large transactions or suspicious transaction reports of (iv) and the unidentified customer transactions or for customers to open anonymous accounts, fictitious accounts; (e) a breach of confidentiality, disclosure of relevant information (vi) refuse or obstruct anti-money laundering checks, investigations, and (VII) denial of investigation or deliberately provides false information.
Financial institution acts in the preceding paragraph, leading to consequences of money laundering, fined a maximum of between 5 million Yuan and 500,000 yuan, and are directly responsible for the directors and senior management staff and other persons directly responsible for fines of between 50,000 yuan and 500,000 yuan the circumstances are especially serious, anti money laundering administrative departments may also propose that the financial supervisory agency ordered closed for rectification or revoke its business license.
Financial institutions in the circumstances prescribed in the preceding two paragraphs are directly responsible for the directors, senior management and other personnel, anti-money laundering administrative departments may also propose that the financial supervisory agency shall order financial institutions to take disciplinary measures or proposed law to cancel its qualifications, prohibited from engaging in related financial industry.
33rd in violation of the provisions of this law, to constitute a crime, criminal responsibility shall be investigated according to law.
Seventh chapter by-laws the 34th article of the law, a financial institution, refers to the established by law in the banking business of policy banks, commercial banks, credit unions, postal savings institutions, trust and investment companies, securities companies, futures companies, insurance companies, as well as anti-money-laundering determined and published by the Administrative Department of the State Council of other institutions engaged in financial business.
35th article should comply with anti-money laundering obligations of certain non-financial institutions range, its anti-money-laundering obligations and on the supervision and management of the specific measures shall be formulated by the competent administrative authorities and the departments concerned under the State Council against money-laundering.
Article 36th to monitor suspected terrorist financing shall be governed by other provisions of law, to apply its provisions. The 37th article of the law shall enter into force on January 1, 2007.