PANews reported on November 4 that according to China News Service, the draft revision of the Anti-Money Laundering Law was submitted to the Standing Committee of the 14th National People's Congress for the third review on the 4th. The third draft further clarified the conditions for financial institutions to take money laundering risk management measures to avoid affecting the normal financial activities of customers.
The third draft of the bill clarifies that if it is found that the transactions conducted by customers do not match the customer identity, risk status, etc. known to the financial institution, the financial institution should further verify the customer and its transaction information; if there is a high risk of money laundering, money laundering risk management measures such as restricting transaction methods, amounts or frequencies, restricting business types, refusing to handle business, and terminating business relationships can be adopted when necessary.
At the same time, the third draft of the bill improves the objection handling mechanism of money laundering risk management measures, and adds provisions that financial institutions should handle objections to basic and necessary financial services of customers in a timely manner. In addition, the third draft of the bill stipulates the legal responsibilities of units and individuals who fail to take special anti-money laundering preventive measures in accordance with regulations, and stipulates corresponding legal responsibilities for specific non-financial institutions and related practitioners.
