According to the anti-money laundering law
Article 16 A financial institution shall establish a customer identification system in accordance with regulations. When establishing business relations with customers or providing customers with one-time financial services such as cash remittance, cash exchange and bill payment with a specified amount or more, financial institutions shall require customers to produce real and valid identity documents or other identity documents for verification and registration.
Where a customer handles business on behalf of others, the financial institution shall simultaneously check and register the identity documents or other identification documents of the agent and the principal. If the beneficiary of the contract is not a customer, the financial institution shall also check and register the identity certificate or other identity documents of the beneficiary.
Financial institutions shall not provide services or conduct transactions for unidentified customers, and shall not open anonymous or pseudonymous accounts for customers. If a financial institution has doubts about the authenticity, validity or completeness of the previously obtained customer identity information, it shall re-identify the customer identity.
Any unit or individual shall provide true and valid identity documents or other identification documents when establishing business relations with financial institutions or requiring financial institutions to provide them with one-time financial services.
Article 17 Where a financial institution identifies its customers through a third party, it shall ensure that the third party has taken customer identification measures that meet the requirements of this Law; If the third party fails to take customer identification measures in line with the provisions of this Law, the financial institution shall bear the responsibility for failing to fulfill the obligation of customer identification.
Eighteenth financial institutions to identify customers, when necessary, can verify the relevant identity information to the public security and industrial and commercial administrative departments.
Article 19 A financial institution shall establish a system for keeping customer identity information and transaction records in accordance with regulations. During the business relationship, if the customer identity information changes, the customer identity information should be updated in time.
Customer identity information shall be kept for at least five years after the end of business relationship and customer transaction information. When a financial institution goes bankrupt or disbands, it shall hand over the customer identity information and customer transaction information to the institution designated by the relevant department of the State Council.
Article 20 Financial institutions shall implement the reporting system for large-value transactions and suspicious transactions in accordance with regulations. If a single transaction handled by a financial institution or a cumulative transaction within a specified period exceeds the specified amount or suspicious transactions are found, it shall promptly report to the Anti-Money Laundering Information Center.
Article 21 The specific measures for financial institutions to establish customer identification system, customer identification data and transaction record keeping system shall be formulated by the anti-money laundering administrative department of the State Council in conjunction with the relevant financial supervision and management institutions of the State Council. Specific measures for reporting large transactions and suspicious transactions of financial institutions shall be formulated by the anti-money laundering administrative department of the State Council.
Extended data
Anti-money laundering law
Twenty-third the State Council anti-money laundering administrative departments or their provincial agencies found suspicious trading activities, which need to be investigated and verified, can be investigated to financial institutions, which should cooperate and provide relevant documents and materials truthfully.
When investigating suspicious transactions, there shall be no less than two investigators, and they shall show their legal certificates and the notice of investigation issued by the anti-money laundering administrative department of the State Council or its provincial institutions. Financial institutions have the right to refuse to investigate if there are fewer than two investigators or if they cannot produce legal certificates and investigation notices.
Article 26 If the suspicion of money laundering cannot be ruled out after investigation, it shall immediately report to the investigation organ with jurisdiction. If the customer requests to transfer the funds in the account involved abroad, he may take temporary freezing measures with the approval of the head of the anti-money laundering administrative department in the State Council.
After receiving the report, the investigation organ shall promptly decide whether to continue to freeze the funds temporarily frozen in accordance with the provisions of the preceding paragraph. If the investigation organ considers it necessary to continue freezing, it shall take freezing measures in accordance with the provisions of the Criminal Procedure Law; If it is deemed unnecessary to continue freezing, it shall immediately notify the anti-money laundering administrative department in the State Council, and the anti-money laundering administrative department in the State Council shall immediately notify the financial institution to lift the freezing. Temporary freezing shall not exceed forty-eight hours.
After taking temporary freezing measures in accordance with the requirements of the anti-money laundering administrative department of the State Council, the financial institution shall immediately lift the freezing if it fails to receive the notice of the investigation organ to continue freezing within 48 hours.
References:
Baidu Encyclopedia-Anti-Money Laundering Law