Anti-Financial Crime & Financial Crime Compliance
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Chinese AML fines tripled in 2020 report finds as lawmakers step up legislation

By Vish Gain for AMLi

CHINA’S CENTRAL BANK has tripled its anti-money laundering fines in 2020 compared to the previous year, a new report has found.

The People’s Bank of China (PBOC) issued AML fines worth CNY 628 million (€80 million) last year, of which failure to perform customer identification and report suspicious transactions were the most common reasons.

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