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Economy

China issues rules for online financial bodies to battle money laundering

BEIJING (Reuters) -- China's central bank on Wednesday issued anti-money laundering and counter-terrorism financing regulations for online financial institutions, as part of Beijing's efforts to rein in financial risks.

The institutions must set up internal control mechanisms for combating money laundering and terrorism financing, follow "know your customer" (KYC) rules, and report large and suspicious transactions in a timely fashion, the central bank said.

The rules will take effect on Jan. 1, it said.

Earlier on Wednesday, the People's Bank of China said it would improve its supervision mechanism for fighting money laundering and for countering terrorism financing.

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