Research On The Legal Obligations Of Anti-money Laundering Of Banks

In recent years, under the situation of economic globalization and the internationalization of capital flows, the problem of money laundering in China is growing seriously, not only undermined the nation's financial order, but also jeopardize the economic security and social stability. According to IMF statistics, the worldwide annual number of illegal money-laundering, accounts the world's gross domestic product for about 2% to 5%, between 6000-180,000 billion U.S. dollars, and is increasing every year for the amount of 100 million U.S. dollars. In Russia, the top 25 big banks of the National Rankings are suspected of money laundering. In Mexico, money laundering, bank credit accounted for 22% of the total. From the international Enron scandal, to the domestic series of major corruption case have exposure raises capital in foreign exchange loss of state assets, involving strong concerns on the sums of money laundering. Money-laundering also endanger the stability of the economy and seriously disrupt the financial order, and endangering the financial security under certain conditions even a financial crisis. In addition, money laundering can also cause economic distortions and economic chaos, resulting in considerable loss of state tax revenue. If we allow rampant money laundering activities, it will seriously undermine the credibility of the Government, or poisoning the concept of social fairness and justice and integrity, damaging China's international image. Crime of money laundering and other financial institutions to the bank a huge risk, damage to the financial system's credibility. Large number of "black money bleaching" after the transfer, will have an huge impact which can not be neglected on interest rates and exchange rates, and even cause financial turbulence. Furthermore, money-laundering activities have great harm on the international financial system security and international political and economic order.The main structure of this article is divided into four parts; the first part is about the origin, concept, elements and harmful of money laundering. Introduced the use of the banking sector a variety of money-laundering practices, and then set out the core of the banking sector to become anti-money laundering organizations. Through the provision of international organizations on anti-money laundering obligations, this article leads to the commercial banks to assume the necessity and legitimacy of anti-money laundering obligations.Part two is about the anti-money laundering obligations provided by developed countries and enforcement mechanisms of the them. The common features of those developed countries are:each of them has a relatively sound legal and management system which has a clear division of different department. And then get enlightenment:in one hand, the rules and systems of China still retain a certain gap, in the failure to make timely follow-up of preventive legislations which need to be further improved. On the other hand, as the main anti-money laundering, financial institutions have their own benefits, they can not just stop at the macro area, the main setting for the micro obligations should also be given the power, at least some compensation for the reduced profits in order to better safeguard the overall economic order and fairness.The third component is aim to introduce the statutory obligations of China's Anti-Money Laundering Act. The statutory obligations of this law is that commercial banks should fulfill the obligations of preventing and controlling measures to establish and improve the system of customer identification, customer identification data and transaction record keeping, large-value transactions and suspicious transactions reporting system, anti-money laundering obligations to fulfill. This case also leads to the problem of unfulfilling our statutory obligation of anti-money laundering act.Part IV aims to analyze the reasons of unfulfilling the obligations of China's banking industry through Sichuan's famous anti-money laundering case. The reasons include lack of legal constraints and international corporations and incentive mechanism, weak awareness of staffs. Come up with advices of how to improve the effective anti-money laundering legal obligation,, including raising the legal awareness of the banking sectors; enhance the effectiveness of the system of suspicious transaction reports; incentive and restrictive nature of regulatory integration; Prompted commercial banks to build anti-money laundering system, and establish a sound anti-money laundering bank employee training system.