The draft revision of the Anti-Money Laundering Law was submitted to the 14th National People's Congress Standing Committee for its first review on April 23. The draft revision consists of 7 chapters and 62 articles, which stipulate that the anti-money laundering administrative department of the State Council shall establish an anti-money laundering monitoring and analysis agency to carry out anti-money laundering fund monitoring and be responsible for receiving and analyzing large-value transactions and suspicious transaction reports.
In terms of improving the anti-money laundering obligations, the draft amendment stipulates that the anti-money laundering obligations of financial institutions mainly include: establishing and improving the anti-money laundering internal control system and effectively implementing it; conducting customer due diligence to understand the customer's identity, transaction background and risk status; preserving customer identity information and transaction records; and effectively implementing the large-value transaction reporting system and suspicious transaction reporting system. In addition, the draft amendment also stipulates that units and individuals shall not engage in money laundering activities or provide convenience for money laundering activities, and shall cooperate with financial institutions and specific non-financial institutions in conducting customer due diligence in accordance with the law. (China News Service) #bitcoin减半事件将在不到24小时发生
