Chinese authorities are getting more serious about fighting money laundering, or the illegal hiding of the origins of money obtained through criminal activities.

In the first six months of 2020, the PBOC doled out penalties of more than 370 million yuan ($53.89 million) for money laundering violations, exceeding the total for all of 2019, data from the central bank showed.

The significant increase in fines reflects a revision in the way the central bank calculates punishment of financial institutions that fail to effectively guard against money laundering. Such institutions would previously receive only one fine at a time regardless of how many rules they broke. Now multiple penalties are imposed for multiple violations. The largest single fine the central bank imposed exceeded 100 million yuan.

According to a work report of the Standing Committee of the National People’s Congress released May 25, the amendment of the anti-money laundering law has been placed on this year’s legislative agenda. A public consultation on the amendment is expected to be conducted by the end of this year, Caixin learned.

Read full story: Cover Story: How China Is Racing to Catch Up With Money Launderers