China Takes Money Laundering Oversight Online

By Wu Yujian, Peng Qinqin, and Denise Jia

New regulations will expand anti-money laundering oversight to online financial institutions. Photo: VCG

China stepped up its anti-money laundering campaign by putting online financial institutions under regulatory oversight.

The top financial regulators — the central bank, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission — jointly issued guidelines Wednesday setting anti-money laundering and counter-terrorism financing requirements for the burgeoning internet financial sector.

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