Bank of China Notice Document
The notice shows that the head office of Bank of China has issued a notice, starting from July 7th, adding four new sanctioned banks, all of which come from the Middle East. Any remittances from sanctioned banks will be subject to scrutiny by Bank of China. Respectively:
Arab banking corporation
阿拉伯银行
National commercial bank
国民商业银行
Mshreq bank
马士里格银行
National bank of dhabi
阿布扎比国家银行
If there are Middle Eastern customers, please remind buyers not to make payments from these four sanctioned banks!
How to identify whether the guest belongs to a sanctioned country, bank, enterprise, etc?
It is recommended to refer to the list of OFAC, the Office of Foreign Assets Control of the US Department of the Treasury, which has a greater scope of sanctions than the United Nations sanctions list and is more powerful.
On July 12th, the reporter verified with relevant personnel from Bank of China and found that this information is true.
In fact, the current strict investigation of overseas remittances is not limited to these four banks. The reporter learned through interviews that there are also multiple banks in 8 regions, including Qatar, on the "blacklist" of Bank of China.
Which regions are specifically involved in the Middle East?
At present, our bank implements' 8+4 ', "a staff member of a business department of Bank of China told the International Finance News. The so-called' 8 'refers to multiple banks in eight regions, including Qatar. For banks in these 8 regions, Bank of China will not accept any remittances or receipts. The so-called "4" refers to the four newly added banks mentioned above. All remittances from these four sanctioned banks have been strictly scrutinized by Bank of China, including the purpose of the funds, the source of the funds, the information of the shareholders and relevant personnel of both parties involved in the remittance (collection).
If the enterprise must make a remittance from these four banks, we will officially send them a detailed information to fill out. "The above staff emphasized that the review will be very strict. It is also understood that some areas not included in the list have also been affected, such as Türkiye.
In June this year, the Bank of China refused to remit money from Türkiye.
A netizen posted that two customers in Türkiye need to pay to the Bank of China. After the money was paid to Bank of China, it was found that it had not been credited. Bank of China stated that it needs to conduct an audit and provide documentation. The bank even stated that the money from Middle Eastern countries will not be collected, and they will return it on their own.
In this regard, the above-mentioned bank staff said that although Türkiye was not on the list, the review was also very strict. And not only Bank of China, but also other banks are joining the ranks of strict inspections of overseas remittances.
The reporter learned that the introduction of such policies is mainly influenced by international sanctions. Some industry insiders suggest that according to the current national policy direction, relevant enterprises should no longer use these banks that have been prompted and need to be reviewed for receiving and remitting funds. If you must go to these banks, you must consult with the customer managers of the international department of the relevant banks in advance and ask for clear precautions.
US dollar account review is particularly strict
In recent years, there has been an increasingly strict trend in the review of overseas remittances in China. It is particularly evident that since last year, the foreign exchange bureau has introduced many regulatory measures and refined the conditions for reviewing overseas remittances.
A person who guarantees export credit insurance told reporters that in the past two years, banks and foreign exchange bureaus have been very strict in reviewing overseas remittances, and many of her clients have experienced cases of being rejected by banks. Among them, the review of US dollar accounts is particularly strict.
Whether it is a foreign enterprise or a domestic enterprise, as long as the direction of funds is in US dollars, banks and the State Administration of Foreign Exchange must strictly review it. "The above-mentioned PICC employees take their own company as an example," Even if one of the state-owned enterprises with the most US dollar accounts, such as PICC, is reviewed by banks and regulatory authorities every quarter
The employee of the People's Insurance Company stated, "Even if our company wants to refund US dollars to the enterprise, the funds must undergo strict review
Industry insiders have stated that the background of the strict investigation is related to China's strictest anti money laundering regulation starting from July 1st. According to the latest management measures, the RMB reporting standard for large cash transactions has been adjusted from 200000 yuan to 50000 yuan. The reporting standard for large cross-border transactions denominated in RMB is RMB 200000. For cross-border fund transactions, financial institutions should submit large transaction reports.
Tip:
OFAC sanctions are divided into three categories:
1. Sanctions against the country
The latest list of OFAC is as follows:
Sanctions List
English
Update date
巴尔干相关
Balkans-Related Sanctions
02/03/2017
白俄罗斯
Belarus Sanctions
04/28/2017
布隆迪
Burundi Sanctions
06/02/2016
中非共和国
Central African Republic Sanctions
04/12/2017
古巴
Cuba Sanctions
06/16/2017
古巴相关
Cyber-related Sanctions
02/08/2017
刚果民主共和国相关
Democratic Republic of the Congo-Related Sanctions
06/01/2017
伊朗
Iran Sanctions
05/17/2017
伊拉克相关
Iraq-Related Sanctions
04/04/2016
黎巴嫩相关
Lebanon-Related Sanctions
07/30/2010
利比亚
Libya Sanctions
04/13/2017
马格尼茨基
Magnitsky Sanctions
01/09/2017
朝鲜
North Korea Sanctions
06/29/2017
索马里
Somalia Sanctions
07/05/2012
苏丹和达尔富尔
Sudan and Darfur Sanctions
01/13/2017
南苏丹相关
South Sudan-related Sanctions
04/04/2016
叙利亚
Syria Sanctions
06/21/2017
乌克兰/俄罗斯相关
Ukraine-/Russia-Related Sanctions
06/20/2017
委内瑞拉相关
Venezuela-Related Sanctions
05/18/2017
也门相关
Yemen-Related Sanctions
04/14/2015
津巴布韦
Zimbabwe Sanctions
04/12/2017
2. SND sanctions
Sanctions against specially designated individuals or entities (SDNs), such as terrorists and drug traffickers. There are over 3500 banks, entities, and ships on the SDN list that cannot do business with Americans or in US dollars. For prohibited entity transfers, the money will be transferred to a separate account until the sanctions are lifted. The specific list can be seen on the OFAC website.
3. Project based sanctions
In addition, since July 1st, the People's Bank of China issued Order No. 3 on the Management Measures for Large and Suspicious Transaction Reports of Financial Institutions, which abolished the unified and mandatory requirements for transaction monitoring parameters of all financial institutions since 2007, and allowed financial institutions to independently develop and formulate transaction monitoring standards, which were implemented on July 1st, 2017. At the same time, financial institutions are required to submit suspicious transaction reports whenever they discover or have reasonable grounds to suspect customers, their funds or assets, their transactions or attempted transactions related to criminal activities such as money laundering and terrorist financing, regardless of the amount involved.