China's financial regulators issued a regulation on Internet financial institutions to battle money laundering and terrorism financing, according to a document jointly released with the country's central bank on Wednesday.
The institutions must set up internal control mechanisms for combating money laundering and terrorism financing, follow "know your customer" (KYC) rules, and report large and suspicious transactions in a timely fashion, the People's Bank of China (PBOC).
The rules will take effect on January 1, 2019, it said.
Earlier on Wednesday, the PBOC said it would improve its supervision mechanism for fighting money laundering and countering terrorism financing.
(With input from Reuters)?
