PBoC issues rules to combat terrorist financing

Under the rules, institutions will be required to report any suspicious movements of funds, where it is thought the money may have come from terrorist sources or may be used to fund terrorist activities.

Financial institutions will be required to file reports on fund movements or asset transactions if they are suspected to be linked to terrorist activity irrespective of the amount.

The rules which will cover banks, brokers and insurers, will have a range of penalties that include revoking an in