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PBOC Facilitates Public Security's Precise Assessment of Fraud Risks Involved in Accounts
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China's Ministry of Public Security, paired with multiple government departments, announced the “Joint Punishment Measures for Telecom Network Fraud and Related Illegal Crimes”. In response to financial penalties, a relevant person from the People's Bank of China (PBOC) stated that, in the process of governance of telecom network fraud “money chains”, the PBOC attaches great importance to the precise governance of “money chains” and cooperates with public security to precisely assess the fraud risks involved in accounts, rather than adopting “one size fits all” risk prevention measures. In the meantime, the authority guides commercial banks and payment institutions to improve the implementation of their risk prevention and control notification obligations, and dynamically optimize and adjust their risk prevention and control measures. It also instructs commercial banks and payment institutions to continuously improve the scientific nature, accuracy and effectiveness of risk prevention and control; and guides commercial banks and payment institutions to accept and handle public objections and complaints in a timely manner. AAStocks Financial News |
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