As financial crimes, especially money laundering, grow more advanced, China’s system must evolve accordingly, central bank official warns. Combating scammers domestically will have positive effects for regions like South-East Asia, where gangs rake in billions each year. — SCMP
To properly grapple with money laundering – an increasing threat to the country and South-East Asia – China needs to remedy multiple shortcomings in its financial system, a senior central bank official has cautioned.
Chinese financial institutions currently lack the compliance management capability and regulatory technology to handle the increasingly complex nature of financial crimes and a rapidly expanding fintech sector, said Wang Jing, deputy head of the anti-money-laundering bureau of the People’s Bank of China, at a forum on Friday.
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