Editor’s Note
This article highlights a proactive, on-site approach to regulatory compliance, as a Chinese bank branch conducts targeted anti-money laundering training for a local jewelry company. It underscores the practical steps being taken within specific high-risk sectors to implement national financial regulations and mitigate associated risks.
To further implement the relevant provisions of the Anti-Money Laundering Law of the People’s Republic of China, effectively prevent money laundering risks, and maintain the stability of financial order, the Yangdong Sub-branch of Postal Savings Bank of China (PSBC) actively responded to the work deployment of its superior bank. Recently, it entered the store of Xinde’an Jewelry Co., Ltd. in Yangjiang City to organize a targeted and substantive anti-money laundering publicity campaign for practitioners in the jewelry industry.
At the event, staff from PSBC Yangdong Sub-branch focused on providing a systematic and detailed interpretation of the “Administrative Measures for Anti-Money Laundering and Counter-Terrorist Financing for Precious Metals and Gemstone Business Institutions.” They elaborated on the specific regulations within these measures concerning customer identification, reporting of large and suspicious transactions, and transaction record-keeping for jewelry and precious metals trading institutions. This helped frontline practitioners clarify their legal responsibilities and obligations in anti-money laundering work and enhance their compliance awareness.
In addition to explaining policies and regulations, the sub-branch staff also distributed anti-money laundering brochures and displayed warning banners. Using real cases, they vividly revealed the common tactics, operational methods, and characteristics of criminals who use high-value purchases of gold, gemstones, and other transactions for money laundering. They specifically reminded jewelry store clerks to remain vigilant in daily operations, stay sensitive to customers’ abnormal transaction behaviors, and promptly report any suspicious situations to jointly build the first line of defense against money laundering.
This face-to-face publicity campaign not only enhanced jewelry industry practitioners’ understanding and recognition of anti-money laundering policies but also improved their ability to identify and prevent money laundering risks, further promoting the deep-rooted awareness of anti-money laundering.
PSBC Yangdong Sub-branch stated that it will continue to fulfill the social responsibility of financial institutions in anti-money laundering, persistently carry out various forms of publicity and education, and work with various enterprises to build a sound financial ecosystem, contributing to the maintenance of economic and financial security and social stability.
By Lei Yiting, Southern+ Reporter
Correspondent Liang Yun’ai
