The third revision of the Anti-Money Laundering Law was reviewed, clarifying the conditions for financial institutions to take money laundering risk management measures

The draft revision of the Anti-Money Laundering Law was submitted to the Standing Committee of the 14th National People's Congress for the third review on the 4th. The third draft of the draft further clarifies the conditions for financial institutions to take money laundering risk management measures to avoid affecting the normal financial activities of customers. The third draft of the draft clarifies that if it is found that the transactions conducted by customers are inconsistent with the customer identity, risk status, etc. held by financial institutions, the relevant circumstances of the customers and their transactions should be further verified; if there is a high risk of money laundering, if necessary, money laundering risk management measures such as limiting the transaction method, amount or frequency, limiting the type of business, refusing to handle business, and terminating the business relationship can be adopted. At the same time, the third draft of the draft improves the objection handling mechanism for money laundering risk management measures, and adds provisions that financial institutions should handle objections to basic and necessary financial services for customers in a timely manner. In addition, the third draft of the draft stipulates the legal responsibilities of units and individuals for failing to take special anti-money laundering preventive measures in accordance with regulations, and stipulates corresponding legal responsibilities for specific non-financial institutions and related practitioners. (Jin Shi)