The Securities Industry Association (SIA) last week gave a four-day anti-money laundering (AML) training course to a visiting delegation from the People’s Bank of China and the China Securities Regulatory Commission.
“Money laundering is a debilitating scourge that refuses to recognize national borders,” said Marc Lackritz, president of SIA. “This project will provide our visitors with additional insight and expertise on an issue of critical importance to our industry and our government.We are proud to host such an event and hope to continue to hold such cooperative, international ventures that can foster closer ties between the two nations’ business communities and regulators.”
AML experts from SIA member-firms provided the training to sixteen senior Chinese officials with AML responsibility. The course covered customer identification, customer due diligence and enhanced due diligence, and suspicious activity monitoring and reporting, among other things.
The visit included tours of the New York Stock Exchange and securities firms in New York. In Washington they will meet with the Securities and Exchange Commission, the Treasury Department and the Commodity Futures Trading Commission and then the group will travel to Chicago where they will visit the Chicago Board of Trade.
China is seeking to become a member of the Financial Action Task Force on Money Laundering (FATF), the leading international anti-money laundering policy-setting group, which was established by the G-7 Summit in 1989.