The Securities Times: Banks vigorously blocking virtual currency transactions still struggle to identify accurately on a large scale

The Securities Times published an article today, “Banks vigorously block virtual currency transactions, and still struggle to identify accurately on a large scale. According to the article, the financial institutions are waiting for the flow of funds related to virtual coins. Some people from six major banks said that there are already major banks that have strict control over the transfer of offshore coin speculation accounts. This means that the big banks have internal identification of coin speculation accounts. A few days ago, a source close to the six major banks in Shanghai told reporters that the People’s Bank requires each banking institution to establish an anti-money laundering system, one is a manual way, the second is the system automatically discriminate. If a customer circumvents the regulation of large capital flows by frequent transfers, whether it is a public customer or an individual customer, the bank has to report to the list in order to do due diligence and exemption. As for what to do in the end, the People’s Bank will investigate separately. However, there are also close to the banking industry told reporters that the anti-money laundering module lacks targeting for virtual coin investment behavior, and can only warn part of the information, which is not good. Banks face a huge number of transactions, at present may be more or manual monitoring of suspicious funds, accounts.

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