On September 29, the Anti-Money Laundering (AML) Bureau of the People’s Bank of China (PBOC) held a briefing on the assessment and situation of AML supervision. The meeting disclosed the results of the previous money laundering risk regulatory assessment and classified rating, reviewed the performance of AML supervision over the past three years, and analyzed the regulatory situation and tasks at present as well as the work plan for the next phase. Chao Kejian, Director General of the AML Bureau, attended the meeting and delivered a speech.
It was noted on the meeting that the off-site assessment was based on PBOC’s experience of previous work, which aimed to continuously and dynamically evaluate the money laundering risk profile of obligatory institutions and take targeted regulatory actions. It adopted a methodology that places greater emphasis on the quantification of inherent risks and the internal identification and management of money laundering risks of obligatory institutions, focuses more on the development of AML internal control mechanisms, and flags up the key role of senior management in terms of the attention, resource allocation, process design, and information system support concerning the AML.
It was stressed that the past three years had seen further improvement in the coordination of AML supervision, the standardization of law enforcement inspections, as well as the legal entity regulation model and the risk-based supervision concept. This assessment showed that obligatory institutions had made progress in placing more emphasis on AML work, improving the AML work coordination mechanism, strengthening the allocation of dedicated staff members, and conducting self-assessment of money laundering risks , which further solidified the foundation of AML work.
It was required that at such a new and higher historical starting point, obligatory institutions should move faster towards a risk-based AML work mechanism and enhance the effectiveness of money laundering prevention measures. Moving forward, the PBOC will focus on accelerating the revision of the AML legal system, improving the risk-based regulatory system, and enhancing daily AML supervision and communication. Additionally, the PBOC will energize obligatory institutions in AML work and guide them to regard the prevention and control of money laundering risks as the fundamental goal of performing AML duties.
Attending the briefing were over 30 representatives in charge of AML departments from 16 Beijing-based obligatory institutions under the direct regulation of the PBOC Headquarters. Other attendees participating in the meeting through remote video conferencing at sub-venues included officials in charge of AML work from the PBOC Shanghai Head Office as well as branches, operations offices, and central sub-branches in provincial capital cities and sub-provincial cities, as well as representatives in charge of AML departments from 10 non-Beijing-based obligatory institutions under the direct regulation of the PBOC Headquarters.
