Article 32 If a financial institution commits any of the following acts, it shall be ordered by the anti-money laundering administrative department of the State Council or its authorized institution at or above the municipal level to make corrections within a time limit. If the circumstances are serious, a fine of not less than 200,000 yuan but not more than 500,000 yuan shall be imposed, and a fine of not less than 10,000 yuan but not more than 50,000 yuan shall be imposed on the directly responsible directors, senior managers and other directly responsible personnel:
(1) Failing to fulfill the obligation of customer identification in accordance with regulations;
(2) Failing to keep customer identity information and transaction records as required;
(3) Failing to submit a large transaction report or a suspicious transaction report as required;
(4) Trading with unidentified customers or opening anonymous accounts or pseudonyms for customers;
(five) in violation of confidentiality provisions, the disclosure of relevant information;
(6) Refusing or obstructing the anti-money laundering inspection and investigation;
(seven) refusing to provide investigation materials or deliberately providing false materials.
If a financial institution commits the acts mentioned in the preceding paragraph, resulting in the consequences of money laundering, it shall be fined not less than 500,000 yuan but not more than 5 million yuan, and the directors, senior managers and other directly responsible personnel shall be fined not less than 50,000 yuan but not more than 500,000 yuan; If the circumstances are particularly serious, the administrative department in charge of anti-money laundering may suggest that the relevant financial supervision and regulation institution order it to suspend business for rectification or revoke its business license.
Extended data:
Thirtieth anti-money laundering administrative departments and other departments and institutions responsible for anti-money laundering supervision and management according to law, who engage in anti-money laundering work, shall be given administrative sanctions according to law:
(a) in violation of the provisions of the inspection, investigation or take temporary freezing measures;
(2) divulging state secrets, business secrets or personal privacy known in the anti-money laundering work;
(three) in violation of the provisions of the relevant institutions and personnel to implement administrative punishment;
(four) other acts that do not perform their duties according to law.
Article 31 If a financial institution commits any of the following acts, it shall be ordered by the the State Council anti-money laundering administrative department or its authorized institution at or above the municipal level to make corrections within a time limit. If the circumstances are serious, it is suggested that the relevant financial supervision and regulation institutions order financial institutions to impose disciplinary sanctions on directors, senior managers and other directly responsible personnel according to law:
(1) Failing to establish an internal control system for anti-money laundering in accordance with regulations;
(2) Failing to set up a special anti-money laundering institution or to designate an internal institution to be responsible for anti-money laundering;
(3) Failing to conduct anti-money laundering training for employees in accordance with regulations.
References:
People's Republic of China (PRC) Anti-Money Laundering Law-Xinhua News Agency