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PBOC Fines 5 Firms for Money Laundering Violations

The central bank recently released new policy documents to strengthen financial institutions’ anti-money laundering and anti-terrorism financing efforts. Photo: VCG
The central bank recently released new policy documents to strengthen financial institutions’ anti-money laundering and anti-terrorism financing efforts. Photo: VCG

China’s central bank fined five financial institutions for violating anti-money laundering law as part of a crackdown that started last year on the 10th anniversary of the legislation.

This was the first time for the Beijing head office of the People’s Bank of China (PBOC) to slap money-laundering fines on financial institutions. Previously only regional offices of the central bank imposed penalties against local lawbreakers.

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