China on Wednesday published revised rules designed to strengthen financial firms’ ability to combat money laundering.
The revised rules, which regulates how financial institutions conduct due diligence on clients, and store their identity and trading data, will also bring China more in line with global anti-money laundering (AML) standards, China’s central bank said in a statement.
The new rules apply to non-bank payment companies and wealth management firms in addition to financial institutions covered by previous rules, such as banks, insurers and brokerages.
