The People’s Bank of China (PBOC) has fined China Life Insurance Co Ltd RMB700,000 (around US$103,000) for violations of anti-money laundering disclosure regulations.
State-controlled China Life, which is the largest life insurer in the market, violated China’s anti-money laundering laws when it did not keep customer identity information and transaction records as required from July 01, 2015 to June 30, 2016. Furthermore, the company did not submit reports on large and suspicious transactions, the central bank said.
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