Regulation aims to prevent online money laundering
The central bank has rolled out a regulation that requires online financial institutions to increase efforts to prevent money laundering.
The regulation, released by the People's Bank of China and other departments on Wednesday, requires internet-based financial institutions refine the system to prevent money laundering and better identify their clients.
Online financial institutions have been urged to improve awareness of efforts to prevent money laundering and ensure the regulation is effective. They need to store data and materials for work related to money laundering and ensure each transaction can be traced.
Institutions are also required to report on large or suspicious transactions as well as establish monitoring systems, according to the regulation.
