In accordance with the provisions of the Regulations for Anti-money Laundering of Financial Institutions, Management Measures for the Reporting of Large and Suspicious Transactions Paid in RMB and Management Measures for the Reporting of Large and Suspicious Transactions of Foreign Exchange of Financial Institutions, the state-owned commercial banks, joint-stock commercial banks, and China Postal Savings and Remittance Bureau have started to report data on large and suspicious transactions in RMB and foreign currencies to China’s Control and Analysis Center for Anti-Money Laundering which is responsible for collecting such data.
In February 2007, China's Control and Analysis Center for Anti-Money Laundering formulated and issued the Interface Specifications for Reporting of Large and Suspicious Transaction Data of the Insurance Industry (Trial) to implement the anti-money laundering law and the related supporting regulations, and began to accept the reporting of large and suspicious transaction data from insurance institutions.
iSoftStone has independently developed its anti-money laundering reporting & monitoring system to solve the submission of suspicious transaction data in insurance companies, which has been widely applied in the domestic insurance industry. The system was designed and developed to meet the supervision requirements proposed by the People’s Bank of China, and mainly covers three functional modules: system management, system setup, and unified data management.
Quantify Suspicious Transactions
Quantifying suspicious transactions in the process of anti-money laundering monitoring is an important and complex problem, and this system has established effective monitoring rules for suspicious activity by applying its quantitative suspicious transaction methodology.
A strict access control is set by the system to meet the special confidentiality requirements of the insurance business. The system can be used to check and inspect the identity of personnel, and to control the access to user data and the scope of access.
Supports Hierarchical Management
Authorized personnel can query and summarize the data of subordinate personnel, whereas the data on personnel at the same level is inaccessible.
The system can incrementally extract suspicious and high-volume data from the core library, reducing the manual workload of operation.
iSoftStone’s anti-money laundering reporting & monitoring system primarily includes three major functions: system management, system setup and unified data management.
Taiping Life Insurance Co., Ltd.