Submitted comments to the People's Bank of China on the Anti-money Laundering Law (Revised Draft for Comment)

2021-06-30 | Beijing, Shanghai

On 30^th June, the European Chamber's Banking & Securities Working Group, Insurance Working Group, Non-Banking Financial Institutions Working Group, Ethics & Compliance Working Group and Legal & Competition Working Group jointly submitted comments on the Anti-money Laundering Law (Revised Draft for Comment) to the People’s Bank of China.

The working groups suggested to clarify roles and responsibilities, including for units and individuals. Other suggestions include narrowing the scope of the confidentiality obligation of the new law, make clear the name and specific supervision mode of the state anti-money laundering administrative department and to clarify the specific treatment methods of domestic foreign-funded institutions, that is, whether the existing unified anti money laundering compliance system of overseas parent banks can be used.