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Midweek Roundup: China Tightens AML/CTF Controls, London’s Big Banks to Start Brexit Moves in February, and More
printBanks in China will be required to report all cross-border transfers of $28,800 or more and all domestic transactions above $7,200 from July under new anti-money laundering and counterterrorist financing rules, Bloomberg reported. More Chinese customers seeking to convert yuan into foreign currencies must first confirm compliance with money laundering, tax evasion and shadow banking restrictions under new regulatory rules in effect from January, Bloomberg said. More Taiwan plans to create a new anti-money laundering offence ahead of the island's 2018 financial crime risk assessment to prevent the loss of correspondent banking relationships, CNA reported in Focus Taiwan. More American...
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