Abstract : Banks are required to register clients who use frequent transfers to avoid regulation on large money flows.
March 25 (ChainDD) According to the Securities Times, for the flow of funds related to virtual currency, financial institutions have begun to investigate. An insider from one of China's six largest banks said that they had already imposed strict controls on transfers from overseas cryptocurrency trading accounts. This means that those trading accounts are already identified within China's big banks.
Recently, a banker in Shanghai said that the People's Bank of China (PBOC) required all banking institutions to establish two anti-money laundering systems, one is the artificial way, the other is through the system's automatic identification.
Banks are required to register clients who use frequent transfers to avoid regulation on large money flows, whether public or private. As for how to deal with them, the PBOC will investigate separately.
However, some people in the industry said that the anti-money laundering module lacked pertinence on the behavior of investing virtual currency, and could only warn part of the information, which was not easy to use. Faced with huge volumes of transactions, banks are now more likely to monitor suspicious funds and accounts manually.