PBOC imposes slew of AML fines

Chris Hamblin

16 March 2020

In the case of Huatai Securities, according to the newswire Caixin, the PBOC fined four of its officers somewhere between 35,000 yuan ($5,000) and 45,000 yuan apiece ($6.43 million), a mere bagatelle but a start. Caixin states that this is the first time when the regulator has levied - and certainly publicised the details of - an AML fine against an individual.

Minsheng and Everbrite reportedly failed to check the ID of HNW customers, send of suspicious activity reports and currency transaction reports and keep information about the customers and their transactions.