China Enhances Anti-Money Laundering Rules at Accounting Firms

Accounting firms should regularly identify and assess money laundering risks and implement appropriate risk management systems, the Chinese Ministry of Finance says in new rules posted on its website.

• Firms may refuse new business or terminate existing business relationships if clients hinder or refuse to cooperate with due diligence
• Firms should enhance customer due diligence measures for clients and businesses, including those from high-risk countries or regions
• Rules effective Tuesday

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Twinnie Siu in Hong Kong at tsiu22@bloomberg.net

To contact the editors responsible for this story:
Meg Shen at mshen145@bloomberg.net

Phila Siu

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