China unveils revised regulations for foreign banks

BEIJING (Xinhua) – China’s banking regulator unveiled revised management regulations for foreign banks to advance opening up of the banking sector to a higher level and promote its high-quality development.

Foreign banks can establish branches and foreign-owned banks at the same time on the Chinese mainland, according to the China Banking and Insurance Regulatory Commission. The requirement on total assets for foreign banks to establish business institutions in China was eliminated, and the selection range of the Chinese major shareholder of the Sino-foreign joint venture banks was widened.

The regulations adjusted parts of the approval authority regarding the qualifications of the directors and the senior management personnel in foreign banks.

Review requirements related to anti-money laundering and anti-terrorist financing were also added in the regulations.