| International Dialogue on Compliance, Risk Management & AML |
| 15th of June 2011, The Westin, Financial Street, Beijing |
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| A one day dialogue |
| • An update on the compliance requirements of other developed countries |
| • Lessons from other emerging market countries |
| • Opportunity to share best practices |
| • Operational best practices that Chinese banks can implement into their own operations |
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| The requirements of money laundering rules have been increasing in recent years. Chinese and Asian banks doing business in the United States and Europe have been put under many strict requirements that are designed to protect the taxation and anti-terrorism rules in those countries. |
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| Many Asian countries have also been changing their rules to tighten their own money laundering rules to conform to new FATF guidelines. China's central bank and the Anti-Money Laundering Ministry jointly issued China's first anti-money laundering strategy in Jan 2010. The strategy states that the general goal of the country's anti-money laundering work is to set up a highly efficient anti-money laundering mechanism with Chinese characteristics by 2012. |
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| As part of this strategy the latest move aimed at preventing money laundering, tax evasion and bribery. The People's Bank of China, China's central bank and the Ministry of Commerce will launch an inspection into all prepaid cards in circulation by the end of this year as tighter regulations controlling 'gifts' are implemented to combat corrupt practices. |
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| However, the implementation process in each bank requires considerable attention to details. Banks in different countries have different approaches. |
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| This Dialogue is designed to help operations and compliance heads in Chinese banks to be updated on current global developments as well as to get ideas on how to implement good operational procedures. |
