In 2007, within the legal framework of the Anti-Money Laundering Law, the People's Bank of China, together with relevant departments of the State Council, promulgated a series of anti-money laundering regulations, further improved the anti-money laundering system in the financial industry, and established anti-terrorism Financing regulations and systems.
1. Construction of Anti-Money Laundering Laws and Regulations
In order to make the Anti-Money Laundering Law more operational, the People’s Bank of China issued two anti-money laundering departmental regulations in 2007 to further improve the Established the anti-money laundering legal and regulatory system. The first is the "Measures for the Administration of Financial Institutions' Reporting of Suspicious Transactions Suspected of Terrorist Financing", which focuses on the standards for reporting suspicious transactions suspected of terrorist financing. This is China's first special regulation on anti-terrorist financing and counter-terrorism work. Second, together with the China Banking Regulatory Commission (hereinafter referred to as the China Banking Regulatory Commission), the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission), and the China Insurance Regulatory Commission (hereinafter referred to as the China Insurance Regulatory Commission), they jointly issued the "Financial Institutions' Customer Identification and Customer Identity Data" and Transaction Record Preservation and Management Measures", which specifically stipulates the core anti-money laundering systems such as customer identification. These two departmental regulations, together with the "Regulations on Anti-Money Laundering of Financial Institutions" and the "Measures for the Administration of Reporting of Large-Amount and Suspicious Transactions of Financial Institutions" revised and promulgated in 2006, refine the anti-money laundering obligations of financial institutions and further clarify the anti-money laundering obligations. Supervisory responsibilities have become the basic operating principles for financial institutions to carry out anti-money laundering work. The Anti-Money Laundering Law and the above-mentioned supporting regulations constitute a relatively comprehensive and complete legal and regulatory system for anti-money laundering and counter-terrorism financing in China's financial industry, and establish the basic anti-money laundering system for China's financial industry.
2. Construction of the anti-money laundering system of the People's Bank of China
The construction of the basic anti-money laundering system is one of the basic guarantees for the effective implementation of anti-money laundering work. The People's Bank of China has accelerated the construction of the anti-money laundering system and further consolidated the foundation of the anti-money laundering system.
(1) The anti-money laundering regulatory system is basically established
In order to standardize anti-money laundering regulatory behavior and effectively guide the anti-money laundering regulatory work of the branches of the People’s Bank of China, the People’s Bank of China drafted it in 2007 The "Anti-Money Laundering On-site Inspection Management Measures (Trial)" and the "Anti-Money Laundering Off-site Supervision Measures (Trial)" were also issued. These two regulations stipulate in detail the procedures, steps that can be taken and related management measures that the anti-money laundering staff of the People's Bank of China should follow when conducting on-site inspections and off-site supervision of anti-money laundering, and clarify the requirements for combining on-site inspections and off-site supervision. Anti-money laundering regulatory ideas.
1. "Measures for the Administration of Anti-Money Laundering On-site Inspections (Trial)"
The anti-money laundering departments of the People's Bank of China and its branches are responsible for anti-money laundering on-site inspections within their respective jurisdictions. Superior Banks may directly conduct on-site inspections of financial institutions within the jurisdiction of lower-level banks, or authorize lower-level banks to inspect financial institutions that should be inspected by higher-level banks; if lower-level banks believe that the implementation of anti-money laundering regulations by financial institutions has significant social impact, they may request Superior authorities conduct on-site inspections.
Anti-money laundering on-site inspection work is divided into three stages: on-site inspection preparation, on-site inspection implementation, and on-site inspection processing. The inspection staff’s law enforcement behavior at each stage puts forward clear, specific and detailed normative requirements. In this sense, this method actually functions as an on-site inspection procedure manual. Law enforcement officers can strictly follow the procedures to conduct anti-money laundering on-site inspections. It is also conducive to unified law enforcement across the country.
In order to protect the legitimate rights and interests of the inspected institutions and their employees, the "Anti-Money Laundering On-site Inspection Management Measures (Trial)" is based on the "Anti-Money Laundering Law", "Anti-Money Laundering Regulations of Financial Institutions" and other laws and regulations While strictly regulating the law enforcement behavior of anti-money laundering on-site inspectors, it also stipulates the relevant rights of the inspected units and their employees. If after the on-site inspection is completed, the People's Bank of China and its branches at or above the prefectural and municipal levels find that the financial institution's implementation of relevant anti-money laundering regulations does not comply with laws, administrative regulations or the rules of the People's Bank of China, they should first prepare an "On-site Inspection Opinion Notice" 》, after being approved by the president (director) or vice president (deputy director) of the bank (department) and stamped with the official seal of the bank (department), send it to the unit under investigation. If the unit being inspected has objections to the "Notification of On-site Inspection Opinions", it shall, within 10 days from the date of receipt of the "Notification of On-site Inspection Opinions", notify the People's Bank of China and its prefectural and municipal level or above organizations that issued the "Notification of On-site Inspection Opinions". Branches put forward statements and defense opinions; if the facts and reasons stated by the unit under investigation and the evidence submitted are established, the People's Bank of China and its branches at or above the prefecture level and above that issued the "On-site Inspection Opinions" shall adopt them; the unit under investigation shall Failure to raise objections within the prescribed time limit will not affect the determination and handling of the relevant conduct of the inspected unit based on the relevant evidence of the on-site inspection by the People's Bank of China and its branches at or above the prefecture level that issued the "Notification of On-site Inspection Opinions".
2. "Measures for Off-site Supervision of Anti-Money Laundering (Trial)"
Off-site supervision of anti-money laundering refers to the collection of anti-money laundering reports submitted by financial institutions in accordance with the law by the People's Bank of China and its branches. information, analyze and evaluate its implementation of the anti-money laundering legal system, and take corresponding risk warnings, time-limited rectification and other supervisory measures based on the evaluation results.
The "Measures for Off-site Anti-Money Laundering Supervision (Trial)" is the first time that my country has specifically determined the content and procedures of off-site anti-money laundering supervision. It has enriched the means of anti-money laundering supervision and is part of my country's process of exploring and establishing an anti-money laundering supervision model suitable for my country's national conditions. important progress made.
Financial institutions should report annually to the People’s Bank of China or its local branch on the construction of anti-money laundering internal control systems, the establishment of anti-money laundering work institutions and positions, anti-money laundering publicity and training, and annual anti-money laundering Internal audit status and other anti-money laundering work information; quarterly reports on the implementation of the customer identification system, reporting of suspicious transactions, cooperation with the People's Bank of China and its branches in anti-money laundering investigations, and implementation of temporary freezing measures by the People's Bank of China situation, reporting suspected crimes to the People’s Bank of China and its branches, assisting judicial authorities and administrative law enforcement agencies in combating money laundering activities, reporting cases to public security agencies and other anti-money laundering work information.
The People's Bank of China and its branches shall review, register, classify and organize the off-site supervision information submitted by financial institutions, and analyze and evaluate the implementation of the anti-money laundering legal system by financial institutions. When the People's Bank of China and its branches analyze the collected off-site supervision information and find that they have questions or require further confirmation, they may conduct telephone inquiries, written inquiries, visits to financial institutions, interviews with senior managers of financial institutions, etc. according to the situation. method to confirm and verify. If the People's Bank of China and its branches discover problems in the anti-money laundering work of financial institutions during their assessment, they should promptly issue an "Anti-Money Laundering Off-site Supervision Opinion" to provide risk warnings and require them to take corresponding preventive measures; for violations of If the anti-money laundering regulations have clear facts and conclusive evidence and administrative penalties should be imposed, they should be handled in accordance with the "Administrative Penalty Procedure Regulations of the People's Bank of China"; for those suspected of violating anti-money laundering regulations and need to collect further evidence, on-site inspections should be conducted.
In order to protect the legitimate rights and interests of financial institutions, the Measures stipulate that if a financial institution has objections to the "Anti-Money Laundering Off-site Supervision Opinion Letter", it shall report to the China Securities Regulatory Commission which issued the document within 10 days from the date of receipt of the relevant handling document. The People's Bank of China or its branches submit representations and defense opinions. If the facts and reasons stated by the financial institution and the evidence submitted are established, the People's Bank of China or its branches shall adopt them. If the financial institution does not raise objections within the prescribed period, the People's Bank of China or its branches may identify and handle the relevant facts or behaviors of the financial institution based on relevant off-site supervision information.
(2) Anti-money laundering investigation
In order to standardize anti-money laundering investigation procedures, perform anti-money laundering investigation responsibilities in accordance with the law, and safeguard the legitimate rights and interests of citizens, legal persons and other organizations, in accordance with the Anti-Money Laundering Law " and other relevant laws, administrative regulations and rules, the People's Bank of China drafted and issued the "People's Bank of China Anti-Money Laundering Investigation Implementation Rules (Trial)" in 2007 (Yinfa [2007] No. 158 issued). Based on the Anti-Money Laundering Law and the Anti-Money Laundering Regulations of Financial Institutions, this normative document stipulates in detail the procedures for anti-money laundering investigations, standardizes the specific operations of various investigation measures, and unifies the procedures related to anti-money laundering investigations. Legal format documents are of great significance in guiding and standardizing the practical operation of anti-money laundering investigations. The main content and significance of the implementation details are reflected in the following aspects.
First, according to the provisions of the implementation details, the People's Bank of China and its provincial-level branches investigate different suspicious transaction activities based on the principles of hierarchical jurisdiction and geographical jurisdiction. At the same time, the People's Bank of China at the provincial level Branches and branches can cooperate with each other to conduct cross-provincial investigations.
Second, the implementation rules divide anti-money laundering investigations into three stages - investigation preparation stage, investigation implementation stage and investigation conclusion stage, and specify the main work, approval procedures, and Specific measures and related requirements.
Third, in view of the particularity of the "temporary freezing" measure, the implementation rules include a separate chapter that specifically stipulates the implementation procedures of the "temporary freezing" and clarifies the specific requirements of the People's Bank of China and financial institutions. operate.
Fourth, the Implementing Rules stipulate that the People's Bank of China and its provincial-level branches may adopt written investigations or on-site investigations as appropriate during the anti-money laundering investigation process, thereby greatly improving the anti-money laundering investigation process. Efficiency of money laundering investigations.
(3) Supervisory Guidelines
With the intensive introduction of new regulations, the People's Bank of China promptly understands the difficulties encountered by financial institutions in the implementation of anti-money laundering regulations and listens carefully to all aspects opinions and suggestions, and in response to new issues that have emerged at the operational level after the implementation of laws and regulations, the People's Bank of China has successively issued the "Reply of the People's Bank of China on the Anti-money Laundering Jurisdiction of Financial Institutions in the Securities, Futures and Insurance Industry", "On the Financial More than 30 guidelines, including the Measures for the Management of Institutional Client Identification and Preservation of Client Identity Information and Transaction Records, "Reply to Certain Issues in Implementation" and "Reply to Issues Related to Suspicious Transaction Reports" are used to guide anti-money laundering regulatory authorities and Anti-money laundering practices of financial institutions. The branches of the People's Bank of China have also adopted various forms to strengthen the interpretation of relevant policies and clarify doubts for financial institutions.