Chinese official warns money laundering, online scams outpacing capacity for containment

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.