China Central Bank Punishes 350 FIs

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Mon. September 08, 2008; Posted: 05:26 AM

China's central bank in 2007 punished 350 financial institutions due to violation of regulations on anti-money laundering.
The central bank and its local branches made spot examination of 4533 financial institutions last year, including 3909 banking institutions, 96 securities and futures companies, and 528 insurance institutions.
The central bank put administrative punishment on 350 financial institutions and fined CNY 26.52 million. these included 341 banking institutions, four securities and futures companies and five insurance institutions.
Three of them did not set up anti-money laundering internal control system, and 347 ones did not identify clients or report large-amount and doubtful trade as required by the central bank.
As at the end of 2007, 279 banks, 333 securities and futures companies and 107 insurance companies officially reported large-amount or doubtful trades to the central bank.

From www.cnstock.com, Page 1, Friday, September 05, 2008 info@SinoCast.Com For full