The People’s Bank of China has implemented rules which will
govern those offering e-money services in the country, according to
the China Economic Information Network. The rules include frequent
reporting obligations.
The Regulations require banks to provide quarterly report on
their internet banking operations in the country. If a bank’s
systems are hacked or if confidential information is leaked, the
bank must file a report. The People’s Bank of China will penalise
those foreign financial institutions violating the Rules.
The Regulations Governing Foreign Financial Institutions in the
People’s Republic of China are now in effect.
