Out-Law / Your Daily Need-To-Know

The People’s Bank of China has implemented rules which will govern those offering e-money services in the country, according to the China Economic Information Network. The rules include frequent reporting obligations.

The Regulations require banks to provide quarterly report on their internet banking operations in the country. If a bank’s systems are hacked or if confidential information is leaked, the bank must file a report. The People’s Bank of China will penalise those foreign financial institutions violating the Rules.

The Regulations Governing Foreign Financial Institutions in the People’s Republic of China are now in effect.

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