TIGHTEN INTERNAL CONTROLS, CHINESE INSURERS TOLD

The China Insurance Regulatory Commission (CIRC) has told domestic insurers that they need to strengthen their internal controls in order to better combat money laundering, according to a report in official publication Shanghai Securities News . The report said that the regulator and the Chinese Central Bank were co-operating to draw up regulations on insurers’ internal control systems. The country’s first anti money-laundering law came into effect on January 1 this year. The Central Bank said that it would be issuing regulations this year which would complement the law and which would extend it to the futures, securities and insurance sectors. Currently Chinese institutions are required to report transactions of 200,000 yuan or above in domestic currency and of $10,000 or more in foreign currency deals.