The PBC also punished 72 main reporting banks of commercial banks involving total fines up to RMB 1.7 million yuan due to their incomplete internal control systems of anti-money laundering or misreporting of suspicious transactions. The examination played active role in understanding commercial banks implementation of anti-money laundering regulations and enhanced commercial banks emphasis on anti-money laundering.
At the same time, the examination accumulated precious experiences for supervision over non-banking financial institutions and other high risky areas in money laundering, such as real estate, precious metal and jewelry distribution, and cultural relic auction. In 2005, the PBC continued the special examination on commercial banks’ anti-money laundering of the provincial level.