SAT and PBOC issue rules on due diligence of non-resident financial accounts | Practical Law

SAT and PBOC issue rules on due diligence of non-resident financial accounts | Practical Law

Financial regulators including the SAT and PBOC jointly issued rules requiring qualified China-registered financial institutions to conduct due diligence on non-resident financial accounts to facilitate an annual automatic exchange of information with foreign jurisdictions following the OECD's Common Reporting Standard (通用报告准则).

SAT and PBOC issue rules on due diligence of non-resident financial accounts

Practical Law UK Legal Update w-008-3465 (Approx. 3 pages)

SAT and PBOC issue rules on due diligence of non-resident financial accounts

Published on 26 May 2017China
Financial regulators including the SAT and PBOC jointly issued rules requiring qualified China-registered financial institutions to conduct due diligence on non-resident financial accounts to facilitate an annual automatic exchange of information with foreign jurisdictions following the OECD's Common Reporting Standard (通用报告准则).