Anti-Money Laundering Law ?? The People's Republic of China Anti-Money Laundering Law (October 31, 2006 the Tenth National People's Congress passed the twenty-fourth session of October 31, 2006 The People's Republic of China announced on the 56th presidential order since January 1, 2007 shall come into force) ? Chapter I General Provisions Chapter II anti-money laundering supervision and management Chapter III anti-money laundering obligations of financial institutions Chapter IV Anti-Money Laundering Investigation Chapter V of international cooperation against money-laundering Chapter VI Legal Liability Chapter VII Supplementary Provisions ? ? Chapter I General Provisions The first order to prevent money laundering activities and maintain financial order, to curb money laundering and related crimes, law is enacted. This Law shall be referred to anti-money laundering, is to prevent a variety of ways to disguise or conceal drug-related crime and Mafia-type organized crime, terrorist crimes, smuggling, corruption and bribery, destruction of the financial management order, crime, financial fraud crimes proceeds of crime and the income source and nature of money laundering activities, the relevant measures in accordance with the provisions of this Law acts. Article III established in the PRC financial institutions and anti-money laundering obligations shall perform the specific non-financial institutions, it shall be taken to prevent, control measures, establish a sound system of customer identification, customer identification information and transaction record keeping system, large amount of transactions and suspicious transactions reporting system, perform anti-money laundering obligations. Article administrative department of the State Department is responsible for laundering money-laundering supervision and administration. State Council departments, agencies in their respective areas of responsibility to fulfill anti-money laundering supervision and management responsibilities. State Department anti-money laundering authorities of relevant State Council departments, agencies and the judiciary in the anti-money laundering efforts should complement each other. Article on anti-money laundering law in performing duties or obligations to obtain the customer identification information and transaction information, should be kept confidential; non-accordance with the law, not to any units and individuals. Administrative departments and other anti-money laundering law anti-money laundering supervision and management responsibilities entrusted departments, agencies perform anti-money laundering responsibilities obtained customer identification data and transaction information can only be used for anti-money laundering administrative investigation. In accordance with this Law, the judiciary obtained customer identification data and transaction information can only be used for anti-money laundering criminal proceedings. Anti-money laundering obligations to fulfill Article VI institutions and their personnel shall be submitted to large transactions and suspicious transaction reports, protected by law. Article VII Any unit or individual money laundering activities, the right to the administrative department of anti-money laundering or public security authorities reported. The authorities shall accept the report and the reports of informants confidential. ? Chapter II anti-money laundering supervision and management Article VIII of the administrative department of the State Department money laundering organization, to coordinate national anti money laundering, responsible for monitoring money-laundering funds, formulate, or in conjunction with the State Department on financial supervision and management of institutions to develop financial institutions, money-laundering regulations, supervision and inspection of financial institutions the obligation to fulfill Anti-Money Laundering situation within the purview of the investigation in the suspicious transactions, to fulfill the law and the relevant anti-money laundering provisions of the State Council, and other duties. The State Council administrative department of anti-money laundering agency of the State Council administrative department of anti-money laundering within the mandate of the financial institutions to carry out anti-money laundering obligations to conduct supervision and inspection. Article financial regulatory bodies under the State Council are involved in the supervision and administration to develop anti-money laundering regulations of financial institutions, its supervision and administration of financial institutions under its anti-money laundering regulations to establish and improve internal control system requirements, to fulfill the law and the relevant anti-money laundering provisions of the State Council other duties. Article establishment of the State Council administrative department of anti-money laundering Anti-Money Laundering Information Center, responsible for large-value transactions and suspicious transaction reports received, analyzed, and the anti-money laundering under the State Council administrative department of the report of the outcome, carry out the State Council administrative department of anti-money laundering provisions other duties. Article The State Council administrative department for the implementation of anti-money laundering money laundering monitoring duties, from the State Council departments, agencies to obtain the necessary information, the State Council departments, agencies should provide. The State Council administrative department of anti-money laundering should be relevant to the State Council, agencies regularly informed of the work of anti-money laundering. Article XII of the Customs found that any person carries cash or bearer securities exceeding the prescribed amount shall be promptly notified to the administrative department of anti-money laundering. The preceding paragraph shall be informed of the amount of anti-money laundering standards by the State Council administrative department in conjunction with the Customs General Administration. Article XIII of the administrative department of money laundering and other money laundering supervision and management bear the responsibility according to law departments, agencies found that the transactions suspected of money laundering shall promptly report to the investigating authorities. Of the State Council approval of the relevant financial regulatory bodies of financial institutions or new branches of financial institutions additional time, new institutions should review the internal control system of anti-money laundering programs; for the establishment of non-compliance provisions of this Law apply, shall not be approved. ? Chapter III Anti-Money Laundering obligations of financial institutions Article XV of financial institutions in accordance with provisions of this Law shall establish anti-money laundering internal control system, financial institutions shall be responsible for anti-money laundering internal control system on the effective implementation of responsible. Financial institution shall establish anti-money laundering or designate an internal department specialized agency responsible for anti-money laundering. Article XVI of financial institutions shall establish a customer identification system. A financial institution clients provide customers with business relations or beyond the prescribed amount of cash remittance, cash conversion and bill payment Deng off financial service shall, when required customers to produce a real and effective identity certificate or other proof of identity, verification and registration . Customer by another agent to handle the business, financial institutions should also be agents of agents and identity cards or other identification documents for verification and registration. With clients to establish personal insurance or trust business relationship, contract De beneficiary not the client himself of, the financial institution should be the beneficiary identification card Huozhe other identity document verification and registration. Unidentified financial institution shall not provide services to customers or their transactions, not for the customer to open anonymous or pseudonymous account. Financial institutions previously obtained customer identification data of the authenticity, validity or integrity of the doubt should be re-identification of customer identification. All units and individuals in establishing business relations with financial institutions or require financial institutions to provide a one-time financial services, he shall provide a real and effective identity certificate or other proof of identity. Article XVII financial institutions to identify the client's identity through a third party shall ensure that third parties have been taken to comply with customer identification requirements of this law measures; third party fails to adopt this law required customer identification measures from the financial authorities did not to fulfill customer identification obligations. Article XVIII financial institutions customer identification, when necessary, to the public security, industry and commerce administration departments to verify the identity of customers. Article XIX financial institution shall establish a customer identification information and transaction record keeping system. Relationship continues to exist in the business, customer identification information is changed, update the customer identification information should be. Customer identification information in the business relationship ends, the customer transaction information after the transaction should be kept for at least five years. Bankruptcy and dissolution of financial institutions, should the customer identification data and customer transaction information specified in the transfer of institutions relevant State Council departments. Diershitiao financial institutions shall implement large-value transactions and suspicious transactions reporting system. Financial institution of any single transaction or the accumulated transaction within the time limit or exceeds the amount of suspicious transactions, it shall promptly report to the Anti-Money Laundering Information Centre. Twenty-one financial institutions to establish customer identification system, customer identification data and transaction record keeping system, formulated by the State Council in conjunction with the State Council administrative department of anti-money laundering relating to financial supervision and administration department. Financial institutions report suspicious transactions, large transactions and specific measures by the State Council administrative department of anti-money laundering. Article 2 Financial institutions shall, according to money laundering prevention and control system requirements, to carry out anti-money laundering training, and publicity. ? Chapter IV Anti-Money Laundering Investigation Article 3 The State Council administrative department of anti-money laundering or the provincial level, suspicious transactions sent body needs to investigation and verification, it may investigate the financial institutions, financial institutions shall cooperate with, truthfully provide relevant documents and information. Investigation of suspicious trading activities, the investigation officer shall not be less than two, and produce anti-money laundering legal documents and the State Council administrative department or its representative office at the provincial level investigation notice issued. Investigators or a failure to produce legal documents and investigation notices, the financial institution the right to refuse the investigation. Article 4 investigating suspicious trading activity, financial institutions can ask the persons concerned, asking them to explain the situation. Record of inquiry shall make inquiries. Record of inquiry should be cross checked against the person being asked. There are omissions or errors in the person being interrogated may request additions or corrections. Was asked after the person confirms a transcript should be signed or sealed; investigators should also sign the record. Article 5 requires further verification survey by the administrative department of the State Department money laundering or the provincial head of sending institution approved to inspect, copy the survey account information, transaction records and other relevant information; of possible been transferred, concealed, altered, or destroyed the documents, information, can be sealed. Investigators sealed documents, information, shall, together with the presence of a clear enumeration of staff of financial institutions, on the spot inventory in duplicate, by the investigators and staff of financial institutions present signed or sealed, a pay financial institutions, with a copy of volume reference. Article 6 The investigation can not rule out the suspicion of money laundering must report immediately to the competent investigation authorities reported. Customer accounts involved in the investigation to transfer funds abroad, anti-money laundering by the State Council administrative department head approval, temporary freezing measures may be taken. After the investigation organ receives a case, in accordance with the preceding paragraph that have been temporarily frozen the funds, should promptly decide whether to freeze. Deems it necessary to continue to freeze, in accordance with the provisions of the Criminal Procedure Law to freeze; that does not need to freeze, it shall immediately notify the State Council administrative department of anti-money laundering, the State Council administrative department of anti-money laundering shall immediately notify the financial institution to lift the freeze. Not more than 48 hours the temporary freeze. Financial institutions in money laundering under the State Council administrative department of the request for interim measures to freeze within 48 hours, did not receive notice of investigation authorities to freeze and should immediately lift the freeze. ? Chapter anti-money laundering international cooperation 27th Draft amendment under the international treaties concluded or acceded to or in accordance with the principles of equality and mutual benefit and carry out anti-money laundering international cooperation. Under the State Council administrative department of anti-money laundering authority under the State Council, on behalf of the Chinese government with foreign governments and relevant international organizations to carry out anti-money laundering cooperation with foreign anti-money laundering institutions according to law and money laundering relating to the exchange of information and data. 29th deals with legal assistance in money-laundering offenses investigated by the judicial organs in accordance with relevant laws and regulations. ? Chapter VI Legal Liability The third 10 administrative departments and other anti-money laundering has a anti-money laundering supervision and management responsibilities according to law departments, agencies involved in anti-money laundering work in any of the following acts shall be given administrative sanctions: (A) contravenes the provisions of inspection, investigation or take temporary freezing measures; (B) the disclosure of state secrets, known for anti-money laundering, commercial secrets or personal privacy; (C) violation of the provisions of the relevant institutions and personnel of the administrative penalty; (D) of the other acts did not perform their duties according to law. µÚÈýÊ®Ò»Ìõ financial institutions, one of the following acts, money laundering by the State Council administrative department or its authorized area of the city dispatched more than one agency order within a time limit; serious cases, advise the relevant financial supervisory authorities to order the financial agencies directly responsible for directors, senior managers and other personnel directly responsible for disciplinary action: (A) failing to set up anti-money laundering internal control system; (B) failing to provide for money laundering or designate an internal agency specialized agencies responsible for money laundering work; (3) failing to conduct anti-money laundering training for their employees. Before a financial institutions are one of the following acts, the administrative department of anti-money laundering by the State Council, or its authorized area above the city level shall be ordered to correct dispatch agency; serious cases, the Department million over five hundred thousand yuan shall be imposed, and the directly liable directors, senior management and other directly responsible personnel office for more than 10,000 yuan 50,000 yuan shall be imposed: (A) failing to fulfill obligations of customer identification; (B) Failing to save the customer identification information and transaction records; (C) fails to submit report large transactions or suspicious transactions reports; (D) and unidentified customer transactions or for customers to open anonymous account or pseudonymous account; (V) breach of confidentiality, disclosure of the information; (Vi) resist or obstruct anti-money laundering examination or investigation; (7) refused to provide any investigation material or providing false materials. Financial institutions have the aforesaid acts, resulted in consequence of money laundering, the Department more than 500,000 yuan shall be imposed million, and the directly liable directors, senior management and other officials directly responsible for more than 500,000 yuan 50,000 yuan less penalty; the circumstances are especially serious, the administrative department of anti-money laundering may advise the relevant financial regulatory body to stop operation for rectification or revoke its business license. Of the circumstances stipulated in the preceding two financial institutions directly responsible for the directors, senior managers and other directly responsible personnel, the administrative department of anti-money laundering may advise the relevant financial regulatory body to order financial institutions to disciplinary action, or revoke his tenure , to prohibit him from engaging in the financial industry. Thirty-third violation of this law constitute a crime shall be held criminally responsible. ? Chapter VII Supplementary Provisions The 34th this Law referred to financial institutions, is established by law to engage in financial business, policy banks, commercial banks, credit unions, postal savings institutions, trust investment companies, securities companies, futures brokerage firms, insurance companies and the State Council determine the administrative department of anti-money laundering and published by other institutions engaged in financial business. 35th shall perform the specific anti-money laundering obligations to non-financial institutions, the scope of the performance of its obligations and its anti-money laundering supervision and administration of specific measures, anti-money laundering by the State Council administrative department in conjunction with the State Council. 36th Ìõ suspected of financing terrorist activities, monitoring applicable law; other law, the application of its provisions. This Law shall 37th January 1, 2007 shall come into force. ?
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