China tightens anti-money laundering rules for banks

Beijing

CHINA'S central bank said it has tightened requirements for len-ders to report cross-border transactions by customers as part of stepped-up efforts to curb money laundering.

The People's Bank of China (PBOC) will require financial institutions to report any cross-border transfers of 200,000 yuan (S$41,620) or more starting on July 1, it said in a statement on Friday.