Anti-Money Laundering Law of the People's Republic of China (Revised in 2024)
Anti-Money Laundering Law of the People's Republic of China (Revised in 2024)
Anti-Money Laundering Law of the People's Republic of China (Revised in 2024)
Order of the President of the People's Republic of China No. 38
November 8, 2024
The revised Anti-Money Laundering Law of the People's Republic of China, adopted at the 12th session of the Standing Committee of the 14th National People's Congress on November 8, 2024, is hereby promulgated and shall come into force on January 1, 2025.
Xi Jinping, President of the People's Republic of China
Anti-Money Laundering Law of the People's Republic of China (Revised in 2024)
(Adopted at the 24th session of the Standing Committee of the 10th National People's Congress on October 31, 2006; revised at the 12th session of the Standing Committee of the 14th National People's Congress on November 8, 2024)
Contents
Chapter I General Provisions
Chapter II Anti-Money Laundering Supervision and Regulation
Chapter III Anti-Money Laundering Obligations
Chapter IV Anti-Money Laundering Investigations
Chapter V International Cooperation on Anti-Money Laundering
Chapter VI Legal Liability
Chapter VII Supplementary Provisions
Chapter I General Provisions
Article 1 This Law is enacted in accordance with the Constitution to prevent money-laundering activities, deter money laundering and related crimes, strengthen and regulate anti-money laundering efforts, and safeguard financial order, social public interests, and national security.
Article 2 For the purposes of this Law, anti-money laundering (“AML”) refers to relevant measures taken under this Law to prevent money laundering activities that disguise or conceal, by any means, the source or nature of proceeds and gains from crimes, including drug-related crimes, crimes committed by organizations in the nature of criminal syndicates, terrorist activities, smuggling, corruption, bribery, crimes undermining financial regulatory order, financial fraud, and other crimes.
This Law applies to the prevention of terrorism financing activities, except where other laws provide otherwise, in which case those laws shall apply.
Article 3 AML efforts shall adhere to the guidelines, principles, policies, decisions and directives of the Party and the State, uphold the overall national security outlook, refine supervisory and regulatory systems and mechanisms, and improve the risk prevention and control system.
Article 4 AML efforts shall be carried out in accordance with the law, ensure that the measures taken are proportionate to the money laundering risks, and safeguard normal financial services and fund flows, while protecting the legitimate rights and interests of entities and individuals.
Article 5 The administrative agency for AML under the State Council (hereinafter the “State Council AML Authority”) shall be responsible for nationwide AML supervision and regulation. Relevant agencies under the State Council shall perform AML supervisory and regulatory duties within their respective jurisdictions.
The State Council AML Authority, relevant agencies under the State Council, supervisory authorities, and judicial authorities shall collaborate with each other in AML efforts.
Article 6 Financial institutions established within the territory of the People's Republic of China (hereinafter referred to as "within China") and specified non-financial institutions that are required by this Law to perform AML obligations shall, in accordance with the law, adopt preventive and monitoring measures, establish and improve internal AML control systems, and perform AML obligations, including customer due diligence, retention of customer identity data and transaction records, reporting of large-value transactions and suspicious transactions, and special AML precautions.
Article 7 AML information, including customer identity data and transaction information, as well as information on money laundering investigations obtained during the performance of AML duties or obligations in accordance with the law, shall be kept confidential and must not be provided to any entity or individual.
The administrative agencies for AML (hereinafter collectively as the “AML authorities”) and other agencies legally vested by law with AML regulatory responsibilities may only use customer identity data and transaction information obtained in the course of fulfilling their AML duties for the purposes of AML supervision, regulation, and administrative investigations.
Judicial authorities may only use customer identity data and transaction information obtained under this Law for AML-related criminal proceedings.
Relevant national authorities shall protect state secrets, trade secrets, personal privacy, and personal information in accordance with the law when using AML information.
Article 8 Activities such as reporting large-value transactions and suspicious transactions, conducted in accordance with the law by institutions and their employees performing their AML obligations, shall be protected by law.
Article 9 The AML authorities, in conjunction with relevant State authorities, shall conduct AML publicity and educational activities to inform the public about the illegality and harmfulness of money laundering activities and their manifestations, among other information, thereby raising the public's awareness and ability to prevent and identify money laundering activities.
Article 10 No entity or individual shall engage in or facilitate money laundering activities, and all entities and individuals shall cooperate with customer due diligence conducted by financial institutions and specified non-financial institutions in accordance with the law.
Article 11 Any entity or individual shall have the right to report money laundering activities they discover to the AML authorities, public security authorities or other relevant State authorities. The authorities receiving the report shall keep confidential the information of the reporting person and the content of the report.
Entities and individuals who contribute significantly to AML efforts shall be commended and awarded in accordance with relevant national regulations.
Article 12 Any money laundering or terrorism financing activities conducted outside the People's Republic of China (hereinafter referred to as "outside China") that endanger the sovereignty or security of the People's Republic of China, infringe on the legitimate rights and interests of any Chinese citizens, legal persons or other organizations, or disrupt the financial order in China, shall be addressed and investigated for legal liability under this Law and other relevant legal provisions.
Chapter II Anti-Money Laundering Supervision and Regulation
Article 13 The State Council AML Authority shall organize and coordinate nationwide AML efforts, and be responsible for monitoring funds for AML purposes, developing, either independently or in conjunction with relevant financial regulatory agencies under the State Council, AML regulatory rules for financial institutions, supervising and inspecting financial institutions in their performance of AML obligations, and investigating suspicious transaction activities within its jurisdiction, while performing other AML-related duties as required by law or the State Council.
Local offices of the State Council AML Authority (the “local AML offices”) shall, within the scope authorized by the State Council AML Authority, supervise and inspect financial institutions in their performance of AML obligations.
Article 14 Relevant financial regulatory agencies under the State Council shall participate in the development of AML regulatory rules for the financial institutions subject to their jurisdiction, and perform other AML-related duties as required by law or the State Council.
Relevant financial regulatory agencies shall implement AML review requirements in the market access process for financial institutions, and shall refer case leads on any AML violations by financial institutions, discovered during their supervisory and regulatory activities, to the AML authorities and provide assistance in handling these cases.
Article 15 Relevant competent agencies for specified non-financial institutions under the State Council (hereinafter “relevant State Council authorities for specified non-financial institutions”) shall develop AML rules for the corresponding institutions, either independently or in conjunction with State Council AML Authority.
Relevant competent agencies for specified non-financial institutions (hereinafter “relevant authorities for specified non-financial institutions”) shall supervise and inspect specified non-financial institutions in their performance of AML obligations, respond to AML regulatory recommendations provided by the AML authorities, and perform other AML-related duties as required by law or the State Council. If necessary, relevant authorities for specified non-financial institutions may request assistance from the AML authorities in their supervisory and inspection activities.
Article 16 An AML monitoring and analysis body (hereinafter the “AML Monitoring and Analysis Body”) shall be established under the State Council AML Authority. The AML Monitoring and Analysis Body shall monitor funds for AML purposes, and be responsible for receiving and analyzing reports of large-value transactions and suspicious transactions, submitting the analysis results, and reporting its work to the State Council AML Authority in accordance with regulations, while also performing other duties as required by the State Council AML Authority.
The AML Monitoring and Analysis Body may, as needed to perform its duties in accordance with the law, require institutions performing AML obligations to provide additional information related to large-value transactions and suspicious transactions.
The AML Monitoring and Analysis Body shall improve its monitoring and analysis systems, conduct targeted monitoring and analysis based on money laundering risk conditions, provide, in accordance with regulations, feedback on the use of suspicious transaction reports to institutions performing AML obligations, and continuously enhance the level of monitoring and analysis.
Article 17 The State Council AML Authority may obtain the necessary information from relevant State authorities for the performance of its AML duties, and the latter shall provide such information in accordance with the law.
The State Council AML Authority shall regularly brief relevant State authorities on its AML efforts, and provide, in accordance with the law, necessary AML information to relevant State authorities responsible for supervision and regulation, administrative investigations, supervisory investigations, criminal proceedings or other duties related to AML.
Article 18 Individuals carrying cash, pay to bearer instruments, etc., in excess of a specified amount when exiting or entering the border shall voluntarily declare them to Customs in accordance with regulations.
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Order of the President of the People's Republic of China No. 38
November 8, 2024
The revised Anti-Money Laundering Law of the People's Republic of China, adopted at the 12th session of the Standing Committee of the 14th National People's Congress on November 8, 2024, is hereby promulgated and shall come into force on January 1, 2025.
Xi Jinping, President of the People's Republic of China
Anti-Money Laundering Law of the People's Republic of China (Revised in 2024)
(Adopted at the 24th session of the Standing Committee of the 10th National People's Congress on October 31, 2006; revised at the 12th session of the Standing Committee of the 14th National People's Congress on November 8, 2024)
Contents
Chapter I General Provisions
Chapter II Anti-Money Laundering Supervision and Regulation
Chapter III Anti-Money Laundering Obligations
Chapter IV Anti-Money Laundering Investigations
Chapter V International Cooperation on Anti-Money Laundering
Chapter VI Legal Liability
Chapter VII Supplementary Provisions
Chapter I General Provisions
Article 1 This Law is enacted in accordance with the Constitution to prevent money-laundering activities, deter money laundering and related crimes, strengthen and regulate anti-money laundering efforts, and safeguard financial order, social public interests, and national security.
Article 2 For the purposes of this Law, anti-money laundering (“AML”) refers to relevant measures taken under this Law to prevent money laundering activities that disguise or conceal, by any means, the source or nature of proceeds and gains from crimes, including drug-related crimes, crimes committed by organizations in the nature of criminal syndicates, terrorist activities, smuggling, corruption, bribery, crimes undermining financial regulatory order, financial fraud, and other crimes.
This Law applies to the prevention of terrorism financing activities, except where other laws provide otherwise, in which case those laws shall apply.
Article 3 AML efforts shall adhere to the guidelines, principles, policies, decisions and directives of the Party and the State, uphold the overall national security outlook, refine supervisory and regulatory systems and mechanisms, and improve the risk prevention and control system.
Article 4 AML efforts shall be carried out in accordance with the law, ensure that the measures taken are proportionate to the money laundering risks, and safeguard normal financial services and fund flows, while protecting the legitimate rights and interests of entities and individuals.
Article 5 The administrative agency for AML under the State Council (hereinafter the “State Council AML Authority”) shall be responsible for nationwide AML supervision and regulation. Relevant agencies under the State Council shall perform AML supervisory and regulatory duties within their respective jurisdictions.
The State Council AML Authority, relevant agencies under the State Council, supervisory authorities, and judicial authorities shall collaborate with each other in AML efforts.
Article 6 Financial institutions established within the territory of the People's Republic of China (hereinafter referred to as "within China") and specified non-financial institutions that are required by this Law to perform AML obligations shall, in accordance with the law, adopt preventive and monitoring measures, establish and improve internal AML control systems, and perform AML obligations, including customer due diligence, retention of customer identity data and transaction records, reporting of large-value transactions and suspicious transactions, and special AML precautions.
Article 7 AML information, including customer identity data and transaction information, as well as information on money laundering investigations obtained during the performance of AML duties or obligations in accordance with the law, shall be kept confidential and must not be provided to any entity or individual.
The administrative agencies for AML (hereinafter collectively as the “AML authorities”) and other agencies legally vested by law with AML regulatory responsibilities may only use customer identity data and transaction information obtained in the course of fulfilling their AML duties for the purposes of AML supervision, regulation, and administrative investigations.
Judicial authorities may only use customer identity data and transaction information obtained under this Law for AML-related criminal proceedings.
Relevant national authorities shall protect state secrets, trade secrets, personal privacy, and personal information in accordance with the law when using AML information.
Article 8 Activities such as reporting large-value transactions and suspicious transactions, conducted in accordance with the law by institutions and their employees performing their AML obligations, shall be protected by law.
Article 9 The AML authorities, in conjunction with relevant State authorities, shall conduct AML publicity and educational activities to inform the public about the illegality and harmfulness of money laundering activities and their manifestations, among other information, thereby raising the public's awareness and ability to prevent and identify money laundering activities.
Article 10 No entity or individual shall engage in or facilitate money laundering activities, and all entities and individuals shall cooperate with customer due diligence conducted by financial institutions and specified non-financial institutions in accordance with the law.
Article 11 Any entity or individual shall have the right to report money laundering activities they discover to the AML authorities, public security authorities or other relevant State authorities. The authorities receiving the report shall keep confidential the information of the reporting person and the content of the report.
Entities and individuals who contribute significantly to AML efforts shall be commended and awarded in accordance with relevant national regulations.
Article 12 Any money laundering or terrorism financing activities conducted outside the People's Republic of China (hereinafter referred to as "outside China") that endanger the sovereignty or security of the People's Republic of China, infringe on the legitimate rights and interests of any Chinese citizens, legal persons or other organizations, or disrupt the financial order in China, shall be addressed and investigated for legal liability under this Law and other relevant legal provisions.
Chapter II Anti-Money Laundering Supervision and Regulation
Article 13 The State Council AML Authority shall organize and coordinate nationwide AML efforts, and be responsible for monitoring funds for AML purposes, developing, either independently or in conjunction with relevant financial regulatory agencies under the State Council, AML regulatory rules for financial institutions, supervising and inspecting financial institutions in their performance of AML obligations, and investigating suspicious transaction activities within its jurisdiction, while performing other AML-related duties as required by law or the State Council.
Local offices of the State Council AML Authority (the “local AML offices”) shall, within the scope authorized by the State Council AML Authority, supervise and inspect financial institutions in their performance of AML obligations.
Article 14 Relevant financial regulatory agencies under the State Council shall participate in the development of AML regulatory rules for the financial institutions subject to their jurisdiction, and perform other AML-related duties as required by law or the State Council.
Relevant financial regulatory agencies shall implement AML review requirements in the market access process for financial institutions, and shall refer case leads on any AML violations by financial institutions, discovered during their supervisory and regulatory activities, to the AML authorities and provide assistance in handling these cases.
Article 15 Relevant competent agencies for specified non-financial institutions under the State Council (hereinafter “relevant State Council authorities for specified non-financial institutions”) shall develop AML rules for the corresponding institutions, either independently or in conjunction with State Council AML Authority.
Relevant competent agencies for specified non-financial institutions (hereinafter “relevant authorities for specified non-financial institutions”) shall supervise and inspect specified non-financial institutions in their performance of AML obligations, respond to AML regulatory recommendations provided by the AML authorities, and perform other AML-related duties as required by law or the State Council. If necessary, relevant authorities for specified non-financial institutions may request assistance from the AML authorities in their supervisory and inspection activities.
Article 16 An AML monitoring and analysis body (hereinafter the “AML Monitoring and Analysis Body”) shall be established under the State Council AML Authority. The AML Monitoring and Analysis Body shall monitor funds for AML purposes, and be responsible for receiving and analyzing reports of large-value transactions and suspicious transactions, submitting the analysis results, and reporting its work to the State Council AML Authority in accordance with regulations, while also performing other duties as required by the State Council AML Authority.
The AML Monitoring and Analysis Body may, as needed to perform its duties in accordance with the law, require institutions performing AML obligations to provide additional information related to large-value transactions and suspicious transactions.
The AML Monitoring and Analysis Body shall improve its monitoring and analysis systems, conduct targeted monitoring and analysis based on money laundering risk conditions, provide, in accordance with regulations, feedback on the use of suspicious transaction reports to institutions performing AML obligations, and continuously enhance the level of monitoring and analysis.
Article 17 The State Council AML Authority may obtain the necessary information from relevant State authorities for the performance of its AML duties, and the latter shall provide such information in accordance with the law.
The State Council AML Authority shall regularly brief relevant State authorities on its AML efforts, and provide, in accordance with the law, necessary AML information to relevant State authorities responsible for supervision and regulation, administrative investigations, supervisory investigations, criminal proceedings or other duties related to AML.
Article 18 Individuals carrying cash, pay to bearer instruments, etc., in excess of a specified amount when exiting or entering the border shall voluntarily declare them to Customs in accordance with regulations.
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