Suspicious transaction reporting system is the core system to prevent money laundering activities stipulated by international standards and anti-money laundering laws of various countries.

Problems in the suspicious transaction reporting system;

Some "objective standards" have not been adjusted in time according to the development and changes of financial business, showing a certain lag. This problem is obvious in the securities and futures industry. Because some "objective standards" do not match the continuous development of securities and futures business and market rules, they are not summarized and adjusted in time, which leads to difficulties in application.

Extended data

Measures for the administration of large-value transactions and suspicious transaction reports of financial institutions

Article 1 These Measures are formulated in accordance with the Anti-Money Laundering Law of People's Republic of China (PRC), the Law of the People's Bank of China of the People's Republic of China, the Anti-Terrorism Law of People's Republic of China (PRC) and other laws and regulations to regulate the reporting of large-value transactions and suspicious transactions by financial institutions.

Article 2 These Measures shall apply to the following financial institutions legally established within the territory of People's Republic of China (PRC):

(1) Policy banks, commercial banks, rural cooperative banks, rural credit cooperatives and village banks.

(2) Securities companies, futures companies and fund management companies.

(3) Insurance companies, insurance asset management companies, insurance professional agencies and insurance brokerage companies.

(4) Trust companies, financial asset management companies, enterprise group finance companies, financial leasing companies, auto finance companies, consumer finance companies, money brokerage companies and loan companies.

(5) Other institutions engaged in financial business that should perform anti-money laundering obligations as determined and announced by the People's Bank of China.

Article 3 Financial institutions shall fulfill the obligation of reporting large-value transactions and suspicious transactions, submit large-value transactions and suspicious transactions reports to China Anti-Money Laundering Monitoring and Analysis Center, and accept the supervision and inspection of the People's Bank of China and its branches.

Article 4 Financial institutions shall, through their headquarters or institutions designated by their headquarters, submit reports on large-value transactions and suspicious transactions in the ways and means specified in these Measures.

Reference source Baidu Encyclopedia-Suspicious Transaction Reporting System