PBoC releases updated anti-money laundering measures

Aside from complying with the requirements of the FATF, the PBoC’s efforts to upgrade and improve anti-money laundering regulations are also key components of the government’s financial derisking campaign and efforts to combat financial crime. The inclusion of nonbank financial institutions (NBFIs) in the regulations is aimed at addressing the criticisms in the FATF’s evaluation report, and ensuring that they are subject to the same level of regulatory supervision as banks and have adequate internal control systems and risk management policies in place…