China Anti-Money Laundering Monitoring and Analysis Center
-------A Brief Introduction
According to the Law of the People’s Republic of China on the People’s Bank of China(PBC), the People’s Bank of China is the supervisory authority for anti-money laundering operation by financial institutions.
As part of the Chinese Government’s commitment to implement related UN conventions, and based on Recommendations developed by FATF as well as Chinese context, China Anti-money Laundering Monitoring and Analysis Center (CAMLMAC) was established in 2004 as an administrative FIU under the PBC, responsible for collecting, analyzing, and disseminating financial intelligence.
The Anti-Money Laundering Law of China promulgated in 2006 has enhanced the legal status of CAMLMAC as article 10 states:
The Competent Authority shall set up an Anti-Money Laundering Intelligence Center. The Anti-Money Laundering Intelligence Center shall be responsible for receiving and analyzing the large-value and suspicious transactions, reporting the analysis findings to the Competent Authority and perform other functions and responsibilities related to anti-money laundering prescribed by the Competent Authority.
CAMLMAC thus becomes an important legal entity within the anti-money laundering framework of China. Ever since its establishment, CAMLMAC has been playing a significant role in anti-money laundering and has provided powerful financial intelligence support to law enforcement agencies against money laundering and other relevant crimes.
(1) To collect, process and preserve large-value transaction and suspicious transaction information and related information of investigation and cases;
(2) To analyze large-value transaction and suspicious transaction information, to research and discuss suspicious transaction clues, and to assist in the investigation of suspicious fundflow clues brought by related departments;
(3) To direct and assist related departments and branches under PBC to conduct AML inspection and to coordinate the evaluating studies of suspicious fundflow leads in which more than one provinces, cities or autonomous regions are involved;
(4) To disseminate suspicious transaction leads to related departments and receive the information requests from related departments according to designated procedures;
(5) To exchange financial information and cooperate with overseas counterparts upon approval of the PBC;
(6) To establish and manage the national AML database , to research and develop the AML systems for receiving, monitoring and analyzing related information and to maintain such systems well-functioned;
(7) To research and analyze the modes, methods and development trends of money-laundering and to build blocks for AML policymaking;
(8) To research and set down technical standards for large-value transaction and suspicious transaction information reporting together with related departments;
(9) Other functions as prescribed by the PBC.
There are 15 divisions within CAMLMAC and a Sub-Center in Shanghai. The 15 Divisions are General Affairs Division, Information Collection Division, Dissemination Division, Information Assistance Division Ⅰ, Information Assistance Division Ⅱ, Analysis Division Ⅰ, Analysis Division Ⅱ, Analysis Division Ⅲ, Analysis Division Ⅳ, IT S&M Division, Solution Development Division, Research Division, International Cooperation Division, Accounting Division, and Human Resources Division.
Now, there are 95 staff members in CAMLMAC. Among them, about 80% are PhD or Master degree holders, with economic, financial, accounting, statistics, legal or IT educational and professional background.
CAMLMAC has always attached great importance to ethical education to forge a financial intelligence team of qualified, well-disciplined, devoted and professional staff.