In order to improve the data submission quality of large amount transactions and suspicious transactions of financial institutions in China, the China Anti Money Laundering Monitoring and Analysis Center (hereinafter referred to as the Anti Money Laundering Center) will continuously optimize and dynamically adjust the verification rules according to the data submission of each institution. Recently, the Anti Money Laundering Center issued the Verification Rules V1.3 for Data Submission of Financial Institutions' Large sum Transaction and Suspicious Transaction Reports, which requires reporting institutions to do a good job in system upgrading and transformation, as well as in data submission related self-examination.
This version update is the fourth update of data submission verification rules since V1.0 was issued in December 2018.
On November 10, the Anti money Laundering Center issued the Notice on the Upgrading of the Anti money Laundering Data Reporting System (Business Network) of the People's Bank of China, specifying that the Anti money Laundering Data Reporting System (Business Network) of the People's Bank of China will be upgraded from November 24 to November 30, 2022, and requiring financial institutions to do a good job in the system upgrade data submission.
Compared to version 1.2, the 4.2 rules for V1.3 and Notifications are modified as follows (see the section in red) :
According to the anti money laundering inspection and punishment in recent years, the regulatory authorities pay more and more attention to the quality of anti money laundering data and information, and require financial institutions to establish and improve the quality control mechanism of data and information, and do a good job in anti money laundering data and information governance. The anti money laundering data submission verification rules, as the benchmark of data information quality control, mainly include:
1. Verification type
2. Verification Content
3. Verification data item statistics
（1） Since the Anti Money Laundering Center will complete the system upgrade on November 30 and strictly implement the requirements of the new version of the verification rules from December 1, the reporting agency should complete the system transformation as soon as possible according to the new version of the verification rules to ensure that the data submission work of the Anti Money Laundering Center can be carried out normally after the system upgrade.
（2） The reporting institution shall establish a regular self inspection mechanism, formulate a complete self inspection scheme for anti money laundering data, check the completeness and effective operation of the system functions, and comprehensively check the data source, message format, report elements, submission methods and other contents in accordance with the Verification Rules for Data Submission of Financial Institutions' Large sum Transactions and Suspicious Transactions Reports V1.3 to ensure the integrity, authenticity, accuracy and consistency of the anti money laundering data.
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