UnionPay fights RMB money laundering

China UnionPay, the national bank card association, has beefed up its measures to combat money laundering as spending by mainland tourists abroad soars and the yuan comes into wider use ­internationally. The company recently ­ordered its subsidiaries and overseas branches to conduct a thorough study of anti-money-laundering rules in other countries, assign specialized officers to foil money-laundering attempts and intensify monitoring of suspicious deals, according to an internal document seen by the South China Morning Post. In the document, UnionPay said it would beef up its anti-money- laundering capabilities to ensure smooth operation of its overseas businesses.