In this paper Ethan Feng highlights the new requirements outlined in the 2016 version of the Guidelines for Statistic Declaration of Balance of Payments through Banking System, and analyzes the impact that banks in China must pay attention to.
In this paper Lisa Yu analyzes the impact of the Circular on the financial industry in China, points out the highlights that banks in China must pay close attention to, and offers advice on how banks can benefit from the VAT reform.
If there’s one area where compliance officers in the financial sector need all the help they can get, it’s the Know Your Customer (KYC) regulations. As compliance officers know all too well, the fight against money laundering eventually reduces to Know Your Customer relations that are among the most difficult of the new wave of regulations to enforce.
This paper predicts heavier reliance on integrated data sets, further integration between risk and finance, and leveraging new technologies in response to regulatory trends and market dynamics.
In 2005, the People’s Bank of China (PBOC) completed the design of the framework and basis for specification of the current Enterprise Credit System (ECS). Nation-wide integration testing was carried out by PBOC in 2006 and banks were required to manually or automatically connect to the PBOC system as per the design specification. Following the 2015 PBOC credit reporting video conference, banks were required to develop basic rules for cross-market rating regulation, improve platform functions and expand the application of the credit reporting system. Ultimately, the PBOC aims to improve system automation, the quality of reported data as well as the extent of ECS coverage.