OREANDA-NEWS.  The Memorandum of Understanding on Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT) between the People’s Bank of China and the Bank of Russian was signed in Beijing on 24 June 2016 by Guo Qingping, Deputy Governor of the People’s Bank of China, and Dmitry Skobelkin, Deputy Governor of the Bank of Russia.

The document is aimed at closer cooperation between the two supervisors and outlines their interaction in monitoring compliance with AML laws by parent organisations of cross-border institutions in Russia and China and cross-border institutions under their jurisdictions.

The parties agreed on cooperation in inspections in the host country of cross-border institutions. In addition, the Memorandum provides for information exchange, bilateral consultations and training for the supervisors’ staff in the two countries.

The document meets the international AML/CFT standards.