CHINA-ECONOMY: PUNITIVE MEASURES TO CHECK MONEY LAUNDERING
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China’s central bank has increased the punishment for financial institutions that fail to adequately guard against money laundering, imposing fines of more than 10 million yuan ($1.4 million) for the first time. The China Minsheng Banking Corp. was fined 23.7 million yuan and China Everbright Bank Co. Ltd., 18.2 million yuan. They were penalized for failing to properly perform required customer identification checks, failing to keep customer data and transaction records and failing to report large or suspicious transactions. The PBOC also fined brokerage Huatai Securities Co. Ltd. 10.1 million yuan for similar violations.
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