Submitted Comments on the Financial Institutions' Customer Due Diligence and Management Measures for the Preservation of Customer Identity Data and Transaction Records (Draft for Comments) to the PBOC

2021-04-29 | Beijing, Shanghai

On 29th April the European Chamber's Non-banking Financial Institutions Working Group and the Banking & Securities Working Group submitted comments on the Financial Institutions' Customer Due Diligence and Management Measures for the Preservation of Customer Identity Data and Transaction Records (Draft for Comments) to the People's Bank of China (PBOC).  

The draft regulation is calling on financial institutions should be diligent and responsible, follow the principle of "know your customer", identify customers and their beneficial owners, and take corresponding due diligence measures for customers, business relationships or transactions with different risk characteristics of money laundering or terrorist financing. The working group submitted comments based on their experience as global financial institutions. 

The public consultation is led by the PBOC and the draft has been jointly formulated by the PBOC, the CBIRC and the CSRC.