China money-laundering reporting rules apply to foreign banks - central bank

The new bank reporting and record-keeping rules to combat money-laundering apply to foreign banks, according to Cai Yilian, deputy director of the central bank's anti-money laundering bureau, in a report carried by the China Daily.

The rules issued recently were silent on their applicatibility to foreign banks, the report said.

The rules provide for special reporting on single transactions exceeding 200,000 yuan or transactions with a cumulative value of 200,000 yuan within a single day.

In transactions conducted in foreign currency, the reporting threshold is 10,000 usd or its equivalent, the report added.

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