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The international standards of customer due diligence and Chinese practice

The international standards of customer due diligence and Chinese practice Purpose – The purpose of this paper is to systematically introduce the latest documents of customer due diligence (CDD) issued by international organizations and developed countries, and to examine practice of CDD in China. Design/methodology/approach – This paper reviews the latest regulations and guidelines of CDD at international level, and critically examines the practice on CDD compliance in China. Findings – Although China has developed series of provisions concerning CDD since 2007 to response the international requirement set by Financial Action Task Force, the practical compliance still has long way to improve. Originality/value – This paper usefully highlights the difference between Chinese practice and international standards, and proposes institutional reforms on CDD compliance in Chinese financial sectors. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

The international standards of customer due diligence and Chinese practice

Journal of Money Laundering Control , Volume 12 (4): 11 – Oct 16, 2009

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References (3)

Publisher
Emerald Publishing
Copyright
Copyright © 2009 Emerald Group Publishing Limited. All rights reserved.
ISSN
1368-5201
DOI
10.1108/13685200910996083
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to systematically introduce the latest documents of customer due diligence (CDD) issued by international organizations and developed countries, and to examine practice of CDD in China. Design/methodology/approach – This paper reviews the latest regulations and guidelines of CDD at international level, and critically examines the practice on CDD compliance in China. Findings – Although China has developed series of provisions concerning CDD since 2007 to response the international requirement set by Financial Action Task Force, the practical compliance still has long way to improve. Originality/value – This paper usefully highlights the difference between Chinese practice and international standards, and proposes institutional reforms on CDD compliance in Chinese financial sectors.

Journal

Journal of Money Laundering ControlEmerald Publishing

Published: Oct 16, 2009

Keywords: Customers; Due diligence; Money laundering; China

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