China has included online financial institutions under the regulatory reach of top government watchdogs, Caixin reports, in the next phase of Beijing’s anti-money laundering campaign.
The People’s Bank of China, in conjunction with the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission, has set out new guidelines for firms operating in the industry, including requirements for counter-terrorism financing and prevention of money laundering.
The new rules will apply to payment providers, online lenders, crowdfunding platforms, internet consumer finance service providers and online wealth managers.
Regulators will now have greater oversight of online institutions, and will operate through a newly-erected anti-money laundering regulatory mechanism formed of supervisory bodies of the central bank, State Council and the National Internet Finance Association of China.
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