According to the 2007 China Anti-money Laundering Report released by the People's Bank of China, 4,533 financial institutions were subject to on-site inspection by the central bank, and 350 of these were punished for infringements of the regulations with the total fines amounting to CNY26.52 million.

Of the 350 institutions, 341 are banking financial institutions, four are in the securities and futures industry, and the other five are in the insurance industry. Of these 347 institutions failed to verify customer ID or to report large-value transactions and suspicious transactions in accordance with relative regulations, and three failed to set up anti-money laundering internal control system.

54.55% of all the punished institutions are state-owned and joint-stock commercial banks; and 97.95% of the 350 institutions are Chinese-funded.

 Loading ...