CHINESE REGULATORS UNVEILS NEW BUREAUX

China’s financial regulators have set up inspection bureaux in a bid to strengthen their supervisory functions. Both the China Bank Regulatory Commission (CBRC) and China Insurance Regulatory Commission (CIRC) have unveiled examples of the new facility. The CIRC bureau will force on risk management, overseeing customer complaints and monitoring large insurance contracts. It will also work with counterparts from CBRC to crack down on money laundering.