The Administrative Measures stipulate that financial institutions engaged in foreign exchange business in China shall report large and suspicious foreign exchange transactions to the State Administration of Foreign Exchange. The State Administration of Foreign Exchange and its branches are responsible for the supervision and management of large and suspicious foreign exchange fund transaction reports.
The Administrative Measures require that when opening foreign exchange accounts for customers, financial institutions shall abide by the provisions of real-name registration system on personal deposit accounts and the provisions on the administration of domestic foreign exchange accounts, and shall not open anonymous foreign exchange accounts for customers or open foreign exchange accounts under obvious pseudonyms. Financial institutions should keep all large and suspicious foreign exchange fund transaction records for at least 5 years from the trading day; Establish and improve the post responsibility system for internal anti-money laundering work, formulate operating rules for internal anti-money laundering work, and designate special personnel to be responsible for recording, analyzing and reporting large and suspicious foreign exchange fund transactions; Except as otherwise provided by law, it is not allowed to disclose large and suspicious foreign exchange fund transaction information to any unit or individual. Financial institutions shall examine and analyze large-sum and suspicious foreign exchange fund transactions, and report crimes to local public security departments and branches of foreign exchange bureaus within 3 working days from the date of discovery.