The Chinese State Administration of Foreign Exchange (SAFE) has issued new guidelines designed to prevent money laundering and maintain a steady yuan value, it has emerged.
According to a report from the Hong Kong Standard, the new rules came into force earlier this month, and supplement guidance issued by the People's Bank of China in 2003.
Under the terms of the new anti-money laundering regulations, financial services institutions must provide SAFE with monthly reports detailing large and/or suspicious transactions.
For reporting purposes, large cash foreign exchange transactions are those involving more than US$10,000 in one day. The reporting level for large non-cash foreign exchange transactions has been set at US $100,000 in one day for individuals, and US$500,000 for companies.
Financial institutions which fail to report such suspicions in a timely manner will face fines of between 50,000 and 300,000 yuan.
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