Anti-Money Laundering Law of the People's Republic of China (Adopted at the 24th Session of the Standing Committee of the Tenth National People's Congress on October 31, 2006)
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Chapter 1 General Provisions
Chapter 2 Anti-money laundering supervision and management
Chapter 3 Anti-money laundering obligations of financial institutions
Chapter 4 Anti-money laundering Money Laundering Investigation
Chapter 5 International Cooperation in Anti-Money Laundering
Chapter 6 Legal Liabilities
Chapter 7 Supplementary Provisions
Chapter 1 General Provisions
Article 1 This law is enacted in order to prevent money laundering activities, maintain financial order, and curb money laundering crimes and related crimes.
Article 2 The term “anti-money laundering” as used in this Law refers to the prevention of concealing and concealing drug crimes, organized crimes of a mafia nature, terrorist crimes, smuggling crimes, corruption and bribery crimes, and financial destruction through various means. Manage money laundering activities involving orderly crimes, financial fraud crimes and other criminal proceeds and the source and nature of the proceeds, and take relevant measures in accordance with the provisions of this law.
Article 3 Financial institutions established within the territory of the People’s Republic of China and specific non-financial institutions that are required to perform anti-money laundering obligations in accordance with regulations shall take preventive and monitoring measures in accordance with the law and establish and improve customer identity identification. system, customer identity information and transaction record retention system, large transaction and suspicious transaction reporting system, and fulfill anti-money laundering obligations.
Article 4 The anti-money laundering administrative department of the State Council is responsible for the supervision and management of anti-money laundering nationwide. Relevant departments and agencies of the State Council shall perform anti-money laundering supervision and management responsibilities within the scope of their respective responsibilities.
The anti-money laundering administrative department of the State Council, relevant departments, agencies and judicial organs of the State Council shall cooperate with each other in anti-money laundering work.
Article 5 Customer identity information and transaction information obtained by performing anti-money laundering duties or obligations in accordance with the law shall be kept confidential; they shall not be provided to any unit or individual except in accordance with legal provisions.
Customer identity information and transaction information obtained by anti-money laundering administrative departments and other departments and institutions legally responsible for anti-money laundering supervision and management in performing anti-money laundering duties can only be used for anti-money laundering administrative investigations.
Customer identity information and transaction information obtained by judicial authorities in accordance with this law can only be used for anti-money laundering criminal proceedings.
Article 6 Institutions that perform anti-money laundering obligations and their staff submit reports of large-value transactions and suspicious transactions in accordance with the law and are protected by law.
Article 7 Any unit or individual who discovers money laundering activities has the right to report it to the anti-money laundering administrative department or the public security organ. The agency that accepts the report shall keep the reporter and the content of the report confidential.
Chapter 2 Anti-money Laundering Supervision and Management
Article 8 The anti-money laundering administrative department of the State Council organizes and coordinates the nationwide anti-money laundering work, is responsible for anti-money laundering fund monitoring, and formulates or in conjunction with the State Council Relevant financial regulatory agencies formulate anti-money laundering regulations for financial institutions, supervise and inspect the performance of anti-money laundering obligations by financial institutions, investigate suspicious transaction activities within the scope of their duties, and perform other anti-money laundering duties stipulated by law and the State Council.
The dispatched offices of the anti-money laundering administrative department of the State Council shall, within the scope of authorization of the anti-money laundering administrative department of the State Council, supervise and inspect the performance of anti-money laundering obligations by financial institutions.
Article 9 The relevant financial regulatory agencies of the State Council shall participate in the formulation of anti-money laundering regulations for the financial institutions they supervise and manage, and require the financial institutions they supervise and manage to establish and improve internal anti-money laundering control systems in accordance with regulations, and fulfill the legal requirements and other duties related to anti-money laundering as prescribed by the State Council.
Article 10 The anti-money laundering administrative department of the State Council shall establish an anti-money laundering information center to be responsible for the receipt and analysis of large-value transaction and suspicious transaction reports, and report the analysis results to the anti-money laundering administrative department of the State Council in accordance with regulations, and perform Other duties prescribed by the anti-money laundering administrative department of the State Council.
Article 11 In order to perform the anti-money laundering fund monitoring responsibilities, the anti-money laundering administrative department of the State Council may obtain the necessary information from the relevant departments and agencies of the State Council, and the relevant departments and agencies of the State Council shall provide it.
The anti-money laundering administrative department of the State Council shall regularly report the status of anti-money laundering work to relevant departments and agencies of the State Council.
Article 12 If the customs discovers that the cash or bearer securities carried by an individual when entering or leaving the country exceed the prescribed amount, it shall promptly report it to the anti-money laundering administrative department.
The amount standards that shall be reported in the preceding paragraph shall be stipulated by the anti-money laundering administrative department of the State Council in conjunction with the General Administration of Customs.
Article 13 The anti-money laundering administrative department and other departments and institutions legally responsible for the supervision and management of anti-money laundering shall promptly report to the investigation agency if they discover transaction activities suspected of money laundering crimes.
Article 14 When the relevant financial regulatory agency of the State Council approves the establishment of a new financial institution or the establishment of an additional branch by a financial institution, it shall review the anti-money laundering internal control system plan of the new institution; for establishments that do not comply with the provisions of this Law, The application will not be approved.
Chapter 3 Anti-Money Laundering Obligations of Financial Institutions
Article 15 Financial institutions shall establish and improve anti-money laundering internal control systems in accordance with the provisions of this Law. The person in charge of the financial institution shall conduct anti-money laundering Responsible for the effective implementation of the internal control system.
Financial institutions should establish specialized anti-money laundering agencies or designate internal agencies to be responsible for anti-money laundering work.
Article 16 Financial institutions shall establish a customer identification system in accordance with regulations.
When financial institutions establish business relationships with customers or provide customers with one-time financial services such as cash remittances, cash exchanges, and bill redemptions above a specified amount, they shall require customers to present their true and valid identity documents or other Identity documents, verified and registered.
If a customer is handled by someone else, the financial institution shall check and register the identity documents or other identification documents of the agent and the principal at the same time.
When establishing personal insurance, trust and other business relationships with customers, the beneficiary of the contract is not the customer himself, and the financial institution shall also check and register the beneficiary's identity document or other identity document.
Financial institutions shall not provide services or conduct transactions with unidentified customers, and shall not open anonymous accounts or pseudonymous accounts for customers.
If a financial institution has doubts about the authenticity, validity or completeness of previously obtained customer identity information, it shall re-identify the customer.
Any unit or individual shall provide a true and valid identity document or other identity document when establishing a business relationship with a financial institution or requiring a financial institution to provide one-time financial services.
Article 17 If a financial institution uses a third party to identify a customer, it shall ensure that the third party has taken customer identification measures that comply with the requirements of this Law; the third party has not taken customer identification measures that meet the requirements of this Law. , the financial institution shall bear the responsibility for failing to fulfill its customer identification obligations.
Article 18 When a financial institution conducts customer identification and deems it necessary, it may verify the customer's relevant identity information with the public security, industrial and commercial administration and other departments.
Article 19 Financial institutions shall establish a system for retaining customer identity information and transaction records in accordance with regulations.
During the existence of the business relationship, if the customer's identity information changes, the customer's identity information should be updated in a timely manner.
Customer identity information and customer transaction information should be kept for at least five years after the end of the business relationship.
When a financial institution goes bankrupt or is dissolved, it shall transfer customer identity data and customer transaction information to institutions designated by the relevant departments of the State Council.
Article 20 Financial institutions shall implement large-value transaction and suspicious transaction reporting systems in accordance with regulations.
If a single transaction handled by a financial institution or the cumulative transactions within the prescribed period exceed the prescribed amount or suspicious transactions are discovered, a financial institution shall report it to the Anti-Money Laundering Information Center in a timely manner.
Article 21 The specific measures for financial institutions to establish customer identification systems, customer identity information and transaction record retention systems shall be formulated by the anti-money laundering administrative department of the State Council in conjunction with the relevant financial regulatory agencies of the State Council. Specific measures for reporting large-value transactions and suspicious transactions by financial institutions shall be formulated by the anti-money laundering administrative department of the State Council.
Article 22 Financial institutions shall carry out anti-money laundering training and publicity in accordance with the requirements of the anti-money laundering prevention and monitoring system.
Chapter 4 Anti-Money Laundering Investigation
Article 23. If the anti-money laundering administrative department of the State Council or its provincial-level dispatched office discovers suspicious transaction activities and needs investigation and verification, they may report to When a financial institution conducts an investigation, the financial institution shall cooperate and truthfully provide relevant documents and information.
When investigating suspicious transaction activities, there must be no less than two investigators, and they must present legal documents and an investigation notice issued by the anti-money laundering administrative department of the State Council or its provincial-level dispatched office. If there are less than two investigators or no legal documents and investigation notice are produced, the financial institution has the right to refuse the investigation.
Article 24 When investigating suspicious transaction activities, relevant personnel of financial institutions may be questioned and asked to explain the situation.
A transcript of the inquiry should be prepared. The transcript of the inquiry shall be handed over to the person being questioned for verification. If there are any omissions or errors in the records, the person being questioned may request supplements or corrections. After the person being questioned confirms that the transcript is correct, he or she shall sign or stamp the transcript; the investigator shall also sign the transcript.
Article 25 If further verification is required during the investigation, the account information and transactions of the subject under investigation may be reviewed and copied with the approval of the anti-money laundering administrative department of the State Council or the person in charge of its provincial-level dispatched office. Records and other relevant information; documents and information that may be transferred, hidden, tampered with or damaged may be sealed.
When investigators seal documents and information, they shall check them clearly together with the staff of the financial institution present, and make a list in duplicate on the spot, with one copy signed or stamped by the investigators and the staff of the financial institution present. Submit it to the financial institution and attach a copy for future reference.
Article 26 If the suspicion of money laundering cannot be ruled out after investigation, the case shall be reported immediately to the investigative agency with jurisdiction. If a customer requests to transfer the account funds involved in the investigation overseas, temporary freezing measures may be taken with the approval of the person in charge of the anti-money laundering administrative department of the State Council.
After receiving the report, the investigation agency shall promptly decide whether to continue freezing the funds that have been temporarily frozen in accordance with the provisions of the preceding paragraph. If the investigation agency believes that continued freezing is necessary, freezing measures shall be taken in accordance with the provisions of the Criminal Procedure Law; if it is deemed that continued freezing is not necessary, it shall immediately notify the anti-money laundering administrative department of the State Council, and the anti-money laundering administrative department of the State Council shall immediately notify financial institutions to lift the freeze.
Temporary freezing shall not exceed forty-eight hours. If a financial institution does not receive a notice from the investigation agency to continue freezing within 48 hours after taking temporary freezing measures in accordance with the requirements of the anti-money laundering administrative department of the State Council, it shall immediately lift the freeze.
Chapter 5 International Cooperation in Anti-Money Laundering
Article 27 The People’s Republic of China shall carry out anti-money laundering in accordance with the international treaties it has concluded or participated in, or in accordance with the principles of equality and reciprocity. international cooperation.
Article 28 The anti-money laundering administrative department of the State Council shall, in accordance with the authorization of the State Council, carry out anti-money laundering cooperation with foreign governments and relevant international organizations on behalf of the Chinese government, and exchange anti-money laundering-related information with overseas anti-money laundering institutions in accordance with the law. and information.
Article 29 Judicial assistance involving the investigation of money laundering crimes shall be handled by judicial organs in accordance with the provisions of relevant laws.
Chapter 6 Legal Responsibilities
Article 30 The personnel engaged in anti-money laundering work in the anti-money laundering administrative departments and other departments and institutions legally responsible for the supervision and management of anti-money laundering are as follows: Any one of the following acts shall be subject to administrative sanctions in accordance with the law:
(1) Conducting inspections, investigations or taking temporary freezing measures in violation of regulations;
(2) Leaking the country’s knowledge of anti-money laundering Secrets, business secrets or personal privacy;
(3) Violating regulations and imposing administrative penalties on relevant institutions and personnel;
(4) Other acts of failing to perform duties in accordance with the law.
Article 31 If a financial institution commits any of the following acts, it shall be ordered to make corrections within a time limit by the anti-money laundering administrative department of the State Council or the districted city level or above authorized by it; if the circumstances are serious, it is recommended that: The relevant financial regulatory agencies shall order financial institutions to impose disciplinary sanctions on directly responsible directors, senior managers and other directly responsible personnel in accordance with the law:
(1) Failure to establish an anti-money laundering internal control system in accordance with regulations;
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(2) Failure to establish a specialized anti-money laundering agency or designate an internal agency to be responsible for anti-money laundering work in accordance with regulations;
(3) Failure to provide anti-money laundering training to employees in accordance with regulations.
Article 32 If a financial institution commits any of the following acts, it shall be ordered to make corrections within a time limit by the anti-money laundering administrative department of the State Council or its authorized dispatched office at or above the level of a city divided into districts; if the circumstances are serious, it shall be punished. A fine of not less than RMB 200,000 but not more than RMB 500,000 shall be imposed, and the directors, senior managers and other directly responsible personnel shall be fined not less than RMB 10,000 but not more than RMB 50,000:
(1) Failure to do so Fulfilling customer identification obligations in accordance with regulations;
(2) Failure to preserve customer identity information and transaction records in accordance with regulations;
(3) Failure to submit large transaction reports in accordance with regulations or suspicious transaction reports;
(4) Transacting with unidentified customers or opening anonymous accounts or pseudonymous accounts for customers;
(5) Violating confidentiality regulations and leaking information Relevant information;
(6) Refusing or obstructing anti-money laundering inspections and investigations;
(7) Refusing to provide investigation materials or deliberately providing false materials.
If a financial institution commits the acts mentioned in the preceding paragraph, resulting in the consequences of money laundering, it shall be fined not less than RMB 500,000 but not more than RMB 5 million, and the directly responsible directors, senior managers and other directly responsible personnel shall be fined not less than RMB 500,000 but not more than RMB 5 million. A fine of not less than 10,000 yuan but not more than 500,000 yuan; if the circumstances are particularly serious, the anti-money laundering administrative department may recommend to the relevant financial regulatory agency to order the company to suspend business for rectification or revoke its business license.
For directors, senior managers and other directly responsible personnel of financial institutions who have the circumstances specified in the preceding two paragraphs, the anti-money laundering administrative department may recommend that the relevant financial regulatory agencies order the financial institution to take disciplinary sanctions in accordance with the law. , or suggest that he be disqualified and prohibited from engaging in relevant financial industry work in accordance with the law.
Article 33 Anyone who violates the provisions of this law and constitutes a crime shall be investigated for criminal responsibility in accordance with the law.
Chapter 7 Supplementary Provisions
Article 34 The term “financial institutions” as mentioned in this Law refers to policy banks, commercial banks, credit cooperatives, postal institutions established in accordance with the law to engage in financial business. Foreign exchange savings institutions, trust investment companies, securities companies, futures brokerage companies, insurance companies, and other institutions engaged in financial business determined and announced by the anti-money laundering administrative department of the State Council.
Article 35 The scope of specific non-financial institutions that should perform anti-money laundering obligations, the specific measures for their performance of anti-money laundering obligations and their supervision and management shall be determined by the anti-money laundering administrative department of the State Council in conjunction with relevant departments of the State Council. formulated.
Article 36 This Law shall apply to the monitoring of funds suspected of terrorist activities; if other laws provide otherwise, such provisions shall apply.
Article 37 This Law shall come into effect on January 1, 2007.
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