Minsheng launches anti-money laundering monitoring system

News from Minsheng Bank says that a Large-value and Suspicious Forex Fund Trading Report Data Monitoring System the bank developed was recently put to full operation. The system became an effective means for the bank to prevent suspicious forex transactions.

According to an official with the Beijing branch of the bank the system is dedicated to automatically screening out useful information from the internal business system according to certain data index, which can be sued as basis for the anti-money laundering report data monitoring. The move changed the practice of banks which used to sift date manually and greatly improved the efficiency and quality of monitoring.

For a long time the financial and forex area is an important battlefield on which various countries fight money laundering. As learned China has become an observer at the Financial Action Task Force on Money Laundering at the beginning of this year and is hopeful to become an official member. It means that anti-money laundering in the forex area will gradually begin to move on a formal track.

The State Administration of Foreign Exchange (SAFE) released the Circular on Issuing the Rules for Implementing the Administrative Measures for Financial Institutions' Report of Large-Value and Suspicious Foreign Exchange Transactions, which provides fine standards financial institutions can rely on in reporting large-value and suspicious forex transactions. Meanwhile it encourages financial institutions to actively resort to electronic means and strive to ease domestic pressure in anti-money laundering.

By People's Daily Online