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国际业务

The AML Policy

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Anti-money Laundering Implementation Measures

 

Chapter I General Provisions

Article 1       The Measures are formulated pursuant to the Anti-money Laundering Law of the People's Republic of China and relevant regulations of the People’s Bank of China (“PBC”), including the Regulation on Anti-money Laundering of Financial Institutions, the Administrative Measures for the Reporting of Large-value and Suspicious Transactions of Financial Institutions, and the Administrative Measures for the Customer Identification and Storage of Customer Identity Information and Transaction Records in Financial Institutions and other pertinent regulations, as well as the actual conditions of Jiangsu Jingjiang Rural Commercial Bank (the “Bank”), in order to implement the financial rules and regulations of the PBC governing anti-money laundering and safeguard the fund safety of rural commercial bank.

Article 2       The Measures apply to the Bank and all of its operating institutions (“sub-branches”).

Article 3       Anti-money laundering mentioned in the Measures means the relevant measures taken in accordance with the anti-money laundering law, in order to prevent the money laundering activities that are taken by various means to conceal the sources and nature of the income and proceeds from drug crime, organized crime in the nature of gangland, terrorist activity crime, smuggling crime, corruption and bribery crime, crime of disruption of financial management order and financial fraud crime.

Article 4       RMB and foreign currency payment transactions mentioned in the Measures mean the transactions collected, paid and cleared in RMB or foreign currencies by customers via bills, bank cards, remittance, entrusted collection, custodian acceptance, telephone banking and online banking payment as well as cash.

Chapter II Anti-money Laundering Department and Personnel

Article 5       Finance and Accounting Department, as the anti-money laundering management department of the Head Office, is responsible for the Bank's anti-money laundering work; the chief accountant of each sub-branch assumes the primary responsibility for anti-money laundering; counters of each sub-branch, as anti-money laundering personnel of each operating institution, are responsible for recording, analyzing and reporting large-value and suspicious transactions.

Article 6       The anti-money laundering department of the Head Office is responsible for:

(1) Guidance, training and publicity relating to anti-money laundering work;

(2) Inspection and supervision on the anti-money laundering work of each operating institution within jurisdiction;

(3) Filing of large-value cash deposit and withdrawal of each operating institution for record;

(4) Collection, analysis and reporting of literal data on anti-money laundering of each operating institution;

(5) Design and improvement of internal control system for anti-money laundering; and

(6) Provision of assistance to judicial authority and transmission of information about suspicious money laundering crime.

Article 7       The staff of the Head Office and all sub-branches shall keep secrets about anti-money laundering work, and shall not divulge to customers or other personnel customer identity information and transaction information that they may obtain in legitimate performance of anti-money laundering obligations. The information about large-value and suspicious transactions and the information about anti-money laundering obtained in assisting the PBC in investigation of suspicious transactions shall be held in confidence, and shall not be provided to any entity or individual against the regulations.

Article 8       The Head Office and all sub-branches shall assist the judicial authority and administrative organs for law enforcement in combating money laundering activities according to law, and assist such departments as judicial, customs and taxation authorities in making inquiry about, freezing or withholding of customers' deposits according to law, administrative regulations and other pertinent provisions.

Chapter III Review and Registration of Customer Information

Article 9  Each sub-branch shall implement customer identification system as required:

(1) When establishing business relations with a customer or providing a customer with a cash remittance, cash exchange or bill payment in a transaction amount of more than RMB10,000 or equivalent to more than USD1,000, the sub-branch shall verify the customer’s valid identity certificate or other identification documents, register the customer’s basic identity information and maintain a copy or photocopy of the customer's valid identity certificate or other identification documents.

(2) When dealing with single cash deposit or withdrawal in an amount of more than RMB50,000 or equivalent to more than USD10,000 for a natural person customer, the sub-branch shall verify the customer’s valid identity certificate or other identification documents.

(3) If a natural person customer designates a proxy for cash deposit or withdrawal, if the amount reaches or exceeds RMB50,000 or equivalent to more than USD10,000 per deal, the sub-branch shall also verify the valid identity certificate or identification documents of the depositor (or payee) and the account holder, register his/her name, contact method and category and number of identity certificate or identification documents.

(4) When handling automatic deposits, if the depositor can not provide valid identity certificate or identification documents of the account holder for justifiable ground, and the single deposit amount reaches or exceeds RMB10,000 or equivalent to more than USD1,000, the sub-branch shall verify the identity of the depositor according to the identification requirements for a one-off business.

(5) When providing non-counter services to customers by telephone, internet, ATM and other channels, the sub-branch shall implement strict identification measures to know the customers.

(6) All sub-branches shall classify risk level based on the characteristics of customers and nature of accounts, pay continuous attention to that and adjust risk level in due course. Review of customers or accounts with a high risk level shall be stricter than that of customers and accounts with a low risk level. Customer s and accounts with the highest risk level in the operating institution shall be reviewed at least semiannually.

(7) When the business relations with customers exist, all sub-branches shall take continuous customer identification measures to pay attention to customers and their day-to-day operating activities and financial transactions, and remind customers to update information timely. After the identity certificates or identification documents provided by a customer previously have expired, if the customer fails to update them within a reasonable period or provide a justifiable ground, each sub-branch shall stop services for the customer. And

(8) When a sub-branch entrusts a third party to identify customers on its behalf, it shall make sure the third party has taken customer identification measures satisfying the requirements of the Measures. In case the third party can not take such measures, the sub-branch shall bear the liability for failure to perform the obligations for customer identification.

Article 10     Under any of the following circumstances, each branch shall identify a customer again:

(1) The customer requests for change of name, category of identity certificates or identification documents, number of identity card, registered capital, business scope, legal representative or person in charge;

(2) The customer's acts or transactions are abnormal;

(3) The customer’s name is the same as that of a criminal suspect or a person involved in  money laundering or terrorist financing that the relevant department of the State Council, organization and the judicial authority require financial institutions must assist in investigation or draw attention to;

(4) The customer is suspicious of involving in money laundering or terrorist financing activities;

(5) Customer information obtained is inconsistent with or contrary to the related information known previously;

(6) There is doubt about the truthfulness, effectiveness and completeness of the customer’s identity information obtained previously; or

(7) Other circumstances where the sub-branch deems it necessary to identify the customer again.

Article 11     Except verifying the customer’s valid identity certificates or other certification documents, each sub-branch may take one or several of the following measures to identify or re-identify the customer’s identity:

(1) Require the customer to provide additional identity information or identification documents;

(2) Pay a return visit to the customer;

(3) Conduct an onsite investigation;

(4) Verify with the public security organs and industrial and commercial administration, etc.; or

(5) Other measures that can be taken according to law.

When performing the obligation for customer identification, each sub-branch shall verify the resident identity card of related natural person, if necessary, according to law, administrative regulations or department rules, by the online identity card information verification system developed by the PBC.

Article 12     When performing the obligation for customer identification, each sub-branch shall report to China Anti-money Laundering Monitoring and Analysis Center and local office of PBC on the following suspicious conducts:

(1) A customer refuses to provide valid identity certificates or other identification documents.

(2) An overseas institution remitting funds to China still can not provide the name, account number, domicile or other related alternative information about the remitter upon request by the sub-branch.

(3) The customer refuses to update its basic information without justifiable reasons.

(6) After taking necessary measures, the sub-branch still doubts about the truthfulness, effectiveness and completeness of the customer’s identity information obtained previously. And

(5) The sub-branch finds other suspicious conducts when performing the obligation for customer identification. Each sub-branch may report suspicious conducts by reference to the reporting of suspicious transactions.

Chapter IV Reporting of Large-value and Suspicious Transactions

Article 13     Each sub-branch shall implement the large-value transaction reporting system as required and timely report on the large-value transactions up to the following criteria:

(1) Cash deposit, withdrawal, remittance, cash bill disbursement and other forms of cash receipt or payment amounting to more than RMB200,000 or foreign currencies equivalent to over USD10,000 in a single deal or accumulatively in a day;

(2) Bank transfer between legal entities, other organizations and self-employed businesses, with an amount of more than RMB2 million or foreign currencies equivalent to over USD200,000 in a single deal or accumulatively in a day;

(3) Bank transfer between the bank accounts of natural persons, the bank accounts of natural persons and legal entities, other organizations and self-employed businesses, with an amount of more than RMB500,000 or foreign currencies equivalent to USD100,000 in a single deal or accumulatively in a day.

Accumulative transaction amount is based on single customers, and accumulatively calculated and reported on a one-way basis according to the fund income or payment, unless otherwise required by the PBC.

Article 14     Large-value transaction reporting procedures.

Each sub-branch shall designate, on the next day, a person to log on the anti-money laundering statistical information system of Jiangsu rural credit cooperatives (the “information system”) to fill in or add related information on large-value transactions, and submit, upon verification by the review personnel, to the computer center of provincial credit union, which will generate a document and submit it to the anti-money laundering monitoring and analysis center of the PBC.

Article 15     Each sub-branch shall implement the suspicious transaction reporting system as required and timely report on the suspicious transactions up to the following criteria:

(1) Within a short term, a customer transfers in funds in a decentralized manner, or transfers out or in funds in a centralized manner and transfers out funds in a decentralized manner, which is obviously inconsistent with its identity, financial status and business operation.

(2) Fund receipt and payment occur in the same payer and payee frequently within a short term, and the transaction amount approaches to the criteria for large-value transactions.

(3) Legal entities, other organizations and self-employed businesses frequently receive remittances that are obviously irrelevant to their business operations within a short term, or the natural person customers frequently receive remittances from legal entities and other organizations within a short term.

(4) An account dormant for a long term is used unexpectedly without identified reasons or the account with a small cash flow in the past suddenly has abnormal fund inflow and involves large amount of fund receipt or payment in a short term.

(5) Fund transfers with the customers in the regions where traffic in drugs, smuggling, terrorist activities and gaming are serious or those from tax evasion-type offshore financial centers increase substantially within a short term or large amount of fund receipt and payment occur frequently between these customers.

(6) A customer opens or closes accounts with several sub-branches concurrently without justifiable reasons, and involves a large amount of fund receipt and payment before closing such accounts.

(7) A customer repays its loans in advance, which is obviously inconsistent with its financial status.

(8) Most of the RMB funds used by a customer to purchase foreign exchange for overseas investment are cash or are transferred from a bank account under the name of another entity.

(9) The customer requires swap between domestic and foreign currencies, but its fund sources and purposes are suspicious.

(10) A customer frequently has deposits in its overseas traveling checks or foreign currency drafts, which is inconsistent with its operating status.

(11) After a foreign-invested enterprise makes investment or receives investment in the form of foreign currency cash, it transfers the funds abroad in a short term, which is inconsistent with its payment for production and operation.

(12) The amount of capital invested by a foreign investor of a foreign-invested enterprise exceeds the approved amount or the direct foreign debt is remitted from a third country where the investor has no related party enterprises.

(13) A securities operation institution orders the bank to transfer funds irrelevant to securities transactions or clearing, which is inconsistent with its actual operation.

(14) A securities operation institution frequently borrows foreign exchange funds by bank.

(15) An insurance institution frequently compensates or surrenders insurance policy for the same policy holder by bank.

(16) A natural person’s bank account frequently involves suspicious cash receipts or payments or a large-value one-off cash deposit or withdrawal that is suspicious.

(17) A resident natural person frequently receives foreign exchange remittance from abroad, and requires bank to issue traveling checks and drafts, or a non-resident natural person frequently deposits foreign currency cashes and requires bank to issue traveling checks and drafts or frequently orders or honors a large amount of traveling checks and drafts. And

(18) Several domestic residents receive remittances from the same offshore account, and the fund transfers and settlements of foreign exchange are operated by one or a few persons.

Article 16     Suspicious transaction reporting procedures:

When the counters of each sub-branch find any circumstance mentioned in Article 15 of the Measures when dealing with payment transactions, they shall report to the chief accountants in time. Chief accountants shall analyze and examine the suspicious transactions reported, confirm the suspicious transactions and fill out a Suspicious Transaction Report. After the report is signed by a sub-branch head, the designated personnel shall log on the information system on the next day to input suspicious transaction information and data, which, upon verification by the review personnel, shall be submitted to the computer center of the provincial credit union. The computer center will then generate a document and submit it to the anti-money laundering monitoring and analysis center of the PBC.

Article 17     In case of incompleteness or errors in the large-value or suspicious transaction reports, if the PBC requires inquiry or correction, the anti-money laundering management department of the Head Office and each sub-branch shall record and put on file within five working days upon receipt of a correction notice from the PBC.

Article 18     Each sub-branch shall continue to pay attention to suspicious objects before receiving feedback on suspicious transactions reported.

Article 19     Where a transaction is defined as both a large-value transaction and a suspicious transaction, each sub-branch shall submit a large-value transaction report and a suspicious transaction report respectively. If a transaction concurrently conforms to the aforesaid two or more criterion on large-value transactions, each sub-branch shall submit large-value transaction reports respectively.

Article 20     If a transaction has the abnormal characteristics of suspicious transaction, but there is no justifiable reason to rule out the doubt or there is no justifiable reason to doubt that the transaction or the customer involves criminal activities, each sub-branch shall earnestly record corresponding written analysis and identification no matter whether it is regarded as a suspicious transaction report, and keep such records for future reference.

Article 21     If there are justifiable reasons to doubt that a transaction or a customer involves money laundering, terrorist activities or other illegal activities, each sub-branch shall report, in writing, to the anti-money laundering management department of the Head Office, local office of the PBC and local public security organ in a timely manner.

Chapter V Anti-money Laundering Investigation and Inspection

Article 22     The anti-money laundering management department of the Head Office and each sub-branch shall actively assist the PBC in onsite inspection of anti-money laundering.

(1) When the PBC or its sub-branches conduct an onsite inspection, each sub-branch may refuse the inspection if inspectors are less than two persons or can not present the law enforcement certificates or inspection notice.

(2) Each sub-branch shall actively assist inspectors in access to or duplication of financial institutions’ documents and materials relating to inspection, access to systems that manage business data based on computers, and assist in sealing and storage of documents and information that may be transferred, destructed, concealed or altered.

(3) After an onsite inspection, each sub-branch shall actively rectify according to the requirements put forward in the onsite inspection opinions of the PBC and its sub-branches.

Article 23     If the PBC finds any suspicious transaction activities that necessitate an investigation and verification, each sub-branch shall provide assistance according to the following requirements and provide related documents and information truthfully.

(1) In the investigation of suspicious transactions, there shall be no less than two investigators who must present law enforcement certificates and the investigation notice issued by the PBC or a provincial-level tier-1 sub-branch of the PBC. Access to, duplication or sealing of the account information, transaction records and other related information of the investigated institution’s customers must be subject to the approval of the person in charge of the PBC or a provincial-level tier-1 sub-branch of the PBC. In case investigators violate the prescribed procedures, the investigated institution has the right to refuse the investigation.

(2) The investigated institution shall actively assist the investigators in inquiring of related personnel; access to and duplication of the account information, transaction records and other related information of the customers of the investigated institution; sealing and storage of the documents and information that are likely to be transferred, concealed, altered or destructed.

(3) The inquired personnel of the investigated institution shall check the inquiry records, and may require supplementation or revision in case the records have omissions or errors. After the inquired personnel shall sign or affix a seal on the records upon verification; the records shall also be signed by the investigators.

(4) When sealing documents and information, investigators shall clearly check the number together with the employees of the investigated institution on the spot, and prepare a list in two copies, which shall be signed or sealed by the investigators and employees of the financial institution on the spot. One copy will be retained by the investigated institution, and the other will be annexed to the documents for future reference.

Article 24     If a customer for which anti-money laundering investigation has not been completed requests for transferring abroad the funds in the account involved in the investigation, each sub-branch shall report to the PBC in time. The PBC may notify, in writing, each sub-branch to take temporary measures to freeze the account involved. The PBC may issue a written notice on cancellation of temporary freezing within 48 hours upon freezing of an account, to defreeze relevant account. If a sub-branch does not receive a notice on continued freezing from the investigative organ 48 hours after temporary freezing of an account, the temporary freezing shall be automatically cancelled.

Article 25     The anti-money laundering steering group of the Head Office shall organize functional departments and related member departments to inspect the anti-money laundering work of subordinate operating institutions on a regular or irregular basis for timely rectification if any.

Chapter VI Storage of Customer Information and Transaction Records

Article 26     Each sub-branch shall keep such identity information of customers as various records and materials baring customers’ identity information, materials and reflecting information about financial institutions' identification of customers.

Basic identity information of a natural person customer includes the customer’s name, gender, nationality, occupation, domicile or place of work, contact methods, as well as category, number and effective period of identity certificates or identification documents. If the customer’s domicile is not his habitual residence, the latter shall be registered.

Basic identity information of a legal entity, other organization or self-employed business includes the customer’s name, domicile, business scope, organizational code and tax registration number; category, number and effective period of licenses, certificates or documents proving that the customer is legally incorporated and can engage in operation and social activities; name and identity certificates of controlling shareholder or de facto controller, legal representative, person in charge or authorized business personnel as well as category, numb and effective period of identification documents.

Transaction records that each sub-branch shall keep include: data and information of each transaction, business voucher, account book and contracts, business vouchers, bills, business correspondence and other information as required by relevant provisions to reflect the true conditions of transactions.

Article 27     Each sub-branch shall take necessary management measures and technical measures to avoid the loss and destruction of customers’ identity information and transaction records and divulgence of customers’ identity information and transaction information. Each sub-branch shall take practicable measures to store customers’ identity information and transaction records, to facilitate anti-money laundering investigation, supervision and management.

Article 28     Storage and destruction of customer information and transaction records shall comply with relevant regulations on the management of accounting archives.

Article 29     Keeping period of customers’ identity information and transaction records:

(1) Customers’ identity information shall be kept for a minimum of five years from the end of business relations or the year when a one-off transaction is book-kept.

(2) Transaction records shall be kept for a minimum of five years from the date when the transaction is book-kept.

If customers’ identity information or transaction records subject to different keeping periods are stored in the same medium, they shall be kept according to the longest period. If the same customer’s identity information or transaction records are stored in different media, such identity information or transaction records shall be kept in at least one medium according to the aforesaid requirements on keeping period.

Article 30     If a customer’s identity information or transaction records involve the suspicious transactions under anti-money laundering investigation, and the investigation has not ended when the minimum keeping period prescribed in the preceding paragraph expires, each sub-branch shall keep them until the end of such investigation.

If laws, administrative regulations and other rules stipulate a longer keeping period for customers’ identity information and transaction records, such stipulations shall prevail.

Chapter VII Penalty Provisions

Article 31     In case any employee of the Head Office or a sub-branch involves any of the following circumstances in violation of the Measures, he shall be warned or dismissed and imposed a certain economic punishment:

(1) The employee fails to examine or register the account opening materials as required, resulting in the opening of a false bank settlement account by entities or individuals;

(2) The employee fails to create depositors' data file as required or depositors’ information and data collected by him are incomplete;

(3) The employee fails to keep customers’ information and transaction records as required;

(4) The employee fails to examine and report large-value and suspicious transactions as required;

(5) The employee fails to report suspicious transactions that have or shall come to his knowledge;

(6) The employee fails to earnestly verify and identify large-value and suspicious transactions, resulting in misstatement, failure to report or misreport; or

(7) The employee divulges State secrets, business secrets or personal privacies that come to his knowledge in course of anti-money laundering.

Article 32     If the person in charge of a business management department of the Head Office or a sub-branch involves any of the following circumstances, he shall be warned or removed and imposed a certain economic punishment:

(1) The person-in-charge fails to convey or implement related anti-money laundering laws, regulations and systems, delaying relevant work;

(2) The person-in-charge fails to implement rules and regulations on account opening and reporting of large-value and suspicious transactions and the storage of customers’ information and transaction records is managed in a disorderly manner;

(3) The person-in-charge can not take timely measures to deal with the problems found, nor does him report to the higher level as required;

(4) The person-in-charge’s supervision and inspection are ineffective, leading to the inability to implement related laws, rules, regulations and operating procedures on anti-money laundering; or

(5) The person-in-charge instigates, indulges or gives tacit consent to activities contrary to regulations.

Chapter VIII Supplementary Provisions

Article 33     The following terms herein shall be defined as follows:

(1) “Short-term” means within 10 working days (inclusive);

(2) “Long-term” means more than one year;

(3) “Large amount” means the amount of a single transaction or the accumulative amount of transactions is lower than but approaches to the criteria for large-value transactions;    

(4) “Frequently” means occuring over three times in a working day or occuring for over three consecutive working days;

(5) “Over” shall be inclusive.

Article 34     The Measures are formulated, interpreted and amended by Jingjiang Rural Commercial Bank.

Article 35     The Measures come into effect as of the date of issuance.

 

   


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