China's central bank on Tuesday issued two regulations outlining the responsibilities of financial institutions in the fight against money laundering.

Under the new rules, financial institutions have to report all major and suspicious transactions to the central bank's anti-money laundering monitoring and analysis center.

All financial institutions are required to set up a system that will allow them to identify their customers easily. The central bank also intends to set up a national database to keep records of all major and suspicious deals.

The two regulations, which are complements to the anti-money laundering law adopted by the national legislative body in October, will take effect on January 1 and March 1 next year.

Source: Xinhua