PBOC proposes new anti-money laundering rules

The People's Bank of China has proposed new anti-money laundering regulations aimed at the banking, insurance and securities sectors.

According to a series of drafts published on the central bank's website, the new regulations would require institutions in the banking and insurance sectors to report block transactions to PBOC's anti-money laundering center.

Non-cash transfers between personal accounts and institutional accounts exceeding 200,000 yuan or 100,000 usd in a day, or transfers betwee