China’s MYBank has been handed a 22.4 million yuan (US$3.5 million) penalty by the People’s Bank of China (PBOC) for anti-money laundering and counter financing of terrorism (AML/CFT) and several other violations. The fine reflects the Chinese authorities’ increased focus… Read More ›
China’s financial authorities look set to issue stricter compliance procedures for establishing the beneficial ownership of all account holders after opening a public consultation process on draft customer due diligence regulations for financial institutions. The draft regulations contemplate requiring financial… Read More ›