BEIJING (Reuters) - China's central bank on Wednesday issued anti-money laundering and counter-terrorism financing regulations for online financial institutions, as part of Beijing's efforts to rein in financial risks.
The institutions must set up internal control mechanisms for combating money laundering and terrorism financing, follow "know your customer" (KYC) rules, and report large and suspicious transactions in a timely fashion, the central bank said.
The rules will take effect on Jan. 1, it said.
Earlier on Wednesday, said it would improve its supervision mechanism for fighting money laundering and for countering terrorism financing.
(Reporting by Beijing monitoring desk and Shu Zhang; Editing by Richard Borsuk)
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