Key Impacts to Foreign-funded Banks under the Amended AML Law

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Authors: Han Kun Law Offices Ting Zheng丨Raymond Yan 丨Eryin Ying丨Lin Zhu丨Shirley Liang Overview On 8 November 2024, the Standing Committee of the National People's Congress, after three readings, adopted the amended Anti-Money Laundering Law (the “ Amended AML Law ”), which will take effect on 1 January 2025 and replace the original Anti-Money Laundering Law (the “ Original AML Law ”), in effect since 2007. In general, most of the amendments adopted under the Amended AML Law have not introduced new regulatory requirements but incorporated those regulatory requirements that have already been provided and implemented for years in the administrative regulations and regulatory rules issued by the People’s Bank of China (PBOC) and other competent authorities, though the Amended AML Law has also provided several innovative provisions, such as the extra-territorial application of the Amended AML Law and new regulatory regime for the sharing of AML information (including perso ………………………………