Circular on Printing and Distributing the Administrative Measures for the Anti-money Laundering Work in the Insurance Industry
Circular on Printing and Distributing the Administrative Measures for the Anti-money Laundering Work in the Insurance Industry
Circular on Printing and Distributing the Administrative Measures for the Anti-money Laundering Work in the Insurance Industry
Bao Jian Fa [2011] No. 52
September 13, 2011
All insurance regulatory bureaus, insurance companies, insurance asset management companies, professional insurance agencies, and insurance brokerage companies:
In order to further strengthen the anti-money laundering work and prevent money-laundering risk, the China Insurance Regulatory Commission has formulated the Administrative Measures for the Anti-money Laundering Work in the Insurance Industry. It is hereby issued to you for you compliance and implementation.
Administrative Measures for the Anti-money Laundering Work in the Insurance Industry
Chapter I General Provisions
Article 1 In order to carry out the anti-money laundering work properly and promote the sustainable and healthy development of the insurance industry, these Measures are formulated in accordance with the Anti-money Laundering Law of the People's Republic of China, the Insurance Law of the People's Republic of China and relevant laws, regulations, ministerial rules and normative documents.
Article 2 The China Insurance Regulatory Commission (hereinafter referred to as the CIRC) shall, upon authorization by laws and the State Council, perform the duties of anti-money laundering supervision in the insurance industry.
The dispatched offices of the CIRC shall, in accordance with the provisions hereof, perform the duties of anti-money laundering supervision within the scope of authorization granted by the CIRC.
Article 3 These Measures shall be applicable to insurance companies, insurance asset management companies and their branches, professional insurance agencies, insurance brokerage companies and their branches and financial institutions concurrently engaged in insurance agency services.
Chapter II Duties of Insurance Supervision
Article 4 The CIRC shall organize, coordinate and direct the anti-money laundering work in the insurance industry and perform the following anti-money laundering duties in accordance with the law:
1. To participate in the formulation of anti-money laundering policies, plans and ministerial rules in the insurance industry and cooperate with the competent administrative department of the State Council for anti-money laundering in carrying out anti-money laundering supervision in the insurance industry;
2. To formulate the system for anti-money laundering supervision in the insurance industry, give anti-money laundering requirements for insurance market access and carry out anti-money laundering review, supervision and inspection;
3. To participate in the anti-money laundering supervision cooperation;
4. To make arrangements for carrying out anti-money laundering training and publicity;
5. To assist judicial authorities in investigating and handling suspected money laundering cases; and
6. To perform other anti-money laundering in accordance with the law.
Article 5 The dispatched offices of the CIRC shall, within the scope of authorization of the CIRC, perform the following anti-money laundering duties in accordance with the law:
1. To formulate normative documents for anti-money laundering within their jurisdiction and carry out anti-money laundering review, supervision and inspection;
2. To report to the CIRC the anti-money laundering work within their jurisdiction;
3. To participate in the anti-money laundering supervision cooperation within their jurisdiction;
4. To make arrangements for carrying out anti-money laundering training and publicity in the insurance industry within their jurisdiction;
5. To assist judicial authorities in investigating and handling suspected anti-money laundering cases; and
6. To perform other anti-money laundering duties authorized by the CIRC.
Chapter III Anti-money Laundering Obligations of the Insurance Industry
Article 6 Insurance companies, insurance asset management companies, professional insurance agencies and insurance brokerage companies shall, on the basis of the real-name system for policies and according to the work principles that client information is complete, transaction records are available for inspection and circulation of funds is regulated, effectively enhance the internal control level of anti-money laundering.
Article 7 Any applicant who applies to establish an insurance company or insurance asset management company shall meet the following anti-money laundering conditions:
1.
......
Bao Jian Fa [2011] No. 52
September 13, 2011
All insurance regulatory bureaus, insurance companies, insurance asset management companies, professional insurance agencies, and insurance brokerage companies:
In order to further strengthen the anti-money laundering work and prevent money-laundering risk, the China Insurance Regulatory Commission has formulated the Administrative Measures for the Anti-money Laundering Work in the Insurance Industry. It is hereby issued to you for you compliance and implementation.
Administrative Measures for the Anti-money Laundering Work in the Insurance Industry
Chapter I General Provisions
Article 1 In order to carry out the anti-money laundering work properly and promote the sustainable and healthy development of the insurance industry, these Measures are formulated in accordance with the Anti-money Laundering Law of the People's Republic of China, the Insurance Law of the People's Republic of China and relevant laws, regulations, ministerial rules and normative documents.
Article 2 The China Insurance Regulatory Commission (hereinafter referred to as the CIRC) shall, upon authorization by laws and the State Council, perform the duties of anti-money laundering supervision in the insurance industry.
The dispatched offices of the CIRC shall, in accordance with the provisions hereof, perform the duties of anti-money laundering supervision within the scope of authorization granted by the CIRC.
Article 3 These Measures shall be applicable to insurance companies, insurance asset management companies and their branches, professional insurance agencies, insurance brokerage companies and their branches and financial institutions concurrently engaged in insurance agency services.
Chapter II Duties of Insurance Supervision
Article 4 The CIRC shall organize, coordinate and direct the anti-money laundering work in the insurance industry and perform the following anti-money laundering duties in accordance with the law:
1. To participate in the formulation of anti-money laundering policies, plans and ministerial rules in the insurance industry and cooperate with the competent administrative department of the State Council for anti-money laundering in carrying out anti-money laundering supervision in the insurance industry;
2. To formulate the system for anti-money laundering supervision in the insurance industry, give anti-money laundering requirements for insurance market access and carry out anti-money laundering review, supervision and inspection;
3. To participate in the anti-money laundering supervision cooperation;
4. To make arrangements for carrying out anti-money laundering training and publicity;
5. To assist judicial authorities in investigating and handling suspected money laundering cases; and
6. To perform other anti-money laundering in accordance with the law.
Article 5 The dispatched offices of the CIRC shall, within the scope of authorization of the CIRC, perform the following anti-money laundering duties in accordance with the law:
1. To formulate normative documents for anti-money laundering within their jurisdiction and carry out anti-money laundering review, supervision and inspection;
2. To report to the CIRC the anti-money laundering work within their jurisdiction;
3. To participate in the anti-money laundering supervision cooperation within their jurisdiction;
4. To make arrangements for carrying out anti-money laundering training and publicity in the insurance industry within their jurisdiction;
5. To assist judicial authorities in investigating and handling suspected anti-money laundering cases; and
6. To perform other anti-money laundering duties authorized by the CIRC.
Chapter III Anti-money Laundering Obligations of the Insurance Industry
Article 6 Insurance companies, insurance asset management companies, professional insurance agencies and insurance brokerage companies shall, on the basis of the real-name system for policies and according to the work principles that client information is complete, transaction records are available for inspection and circulation of funds is regulated, effectively enhance the internal control level of anti-money laundering.
Article 7 Any applicant who applies to establish an insurance company or insurance asset management company shall meet the following anti-money laundering conditions:
1.
......