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The China Insurance Regulatory Commission has issued guidelines focused on helping the country's insurers assess money laundering and terrorist financing risks in their operations, reports Asia Insurance Review.
With the development of China's insurance sector, the risk of money laundering has also increased.
CIRC's guidelines distinguish between internal and external money laundering risk.
In order to deal with the illegal activity, insurers have been asked to set up a customer identification system and limit the amount of insurance that could be bought online, among other things.