Anti-Money Laundering Law of the PRC (2024 Amendment) · Yalla China
قانون مكافحة غسل الأموال (تعديل 2024) / Anti-Money Laundering Law (2024 Amendment)
Enacted: 2024-11-08 ✅ Effective: 2025-01-01
📝 Overview
The 2024 amendment strengthens China's anti-money laundering framework, expanding reporting obligations and enhancing international cooperation.
This is general information only, not legal advice. For your specific case, consult a licensed lawyer.
📜 The law text / key provisions
The Anti-Money Laundering Law (2024 Amendment) provides: (1) Obligated institutions: banks, currency exchange companies, digital payment platforms, lawyers, accountants, real estate agents; (2) KYC: duty to verify client identity and monitor unusual transactions; (3) Suspicious transaction reporting: duty to report suspicious transactions to People's Bank of China; (4) Penalties: fines up to RMB 5 million for institutions; (5) Foreigners: foreigner accounts subject to additional scrutiny especially for large transactions.
💬 Practical reading
💬 This is a general reading/opinion for orientation — not the official legal text nor legal advice.
When conducting large financial transactions in China, ensure there is a clear documented source of funds. Identity verification requests from financial institutions are a legal obligation, not optional.
📎 Official source
National People's Congress of China
🕒 Updated: 16 March 2026