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Navigating the New Anti-Money Laundering Landscape: A Compliance Guide to China’s 2024 Anti-Money Laundering Law for Foreign-Invested and Outbound Enterprises

The 2024 revision of China’s Anti-Money Laundering (AML) Law brings significant updates to combat financial crimes. Effective January 1, 2025, the law introduces a risk-based approach, expands predicate offenses, and strengthens compliance obligations for financial institutions. Foreign-invested and outbound enterprises must adopt robust AML practices, including thorough due diligence and transparent financial transactions. Advanced technologies like AI and blockchain are encouraged for AML monitoring, reflecting the law’s focus on evolving risks. The revision also emphasizes international cooperation, aligning China’s efforts with global AML standards and reinforcing compliance for enterprises with cross-border operations.

24 January, 2025

Latest Insights

Hong Kong: Abolition of the Mandatory Provident Fund Offsetting Mechanism

18 August, 2023

On 9 June 2022, Hong Kong’s Legislative Council passed the Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill (“the Amendment Bill”) to abolish the MPF offsetting mechanism. This article provides a summary of the main legislative changes and details the government’s proposed measures to tide over businesses during the transition period.

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Regulatory Updates

Dong Business in China

Our China Guides comprise a series of informative articles that provide insights on efficiently handling the compliance responsibilities and administrative formalities associated with establishing and scaling up your business in Mainland China.

China Focus

Dong Business in Hong Kong

Are you looking to setting up a company in Hong Kong? Checkout our a series of comprehensive guides on how to set up and operate a business in Hong Kong.

Hong Kong Focus
Expanding your business into

Greater Bay Area

The Greater Bay Area (GBA) of China presents vast opportunities for businesses seeking to expand their operations in the region. The GBA comprises nine cities in Guangdong Province, Hong Kong, and Macau, with a combined population of over 70 million and a GDP of approximately USD 1.6 trillion. It is a critical part of China’s economic development strategy, aimed at creating a world-class metropolis and driving economic growth in the region.

We have a series of informative articles that delve into the various business opportunities available in the GBA. These articles cover a wide range of industries, including finance, technology, logistics, and tourism, among others. We provide insights on the GBA’s market potential, investment incentives, regulatory environment, and emerging trends that businesses can capitalize on.

Greater Bay Area Focus
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China Pushes for Nationwide Adoption of Fully Digitalised E-Invoices

Effective 1 December 2024, China’s State Administration of Taxation (SAT) has implemented fully digitalised e-invoices, or e-fapiao, nationwide. This initiative simplifies invoicing processes, replacing traditional paper-based invoices with a streamlined digital format featuring 17 key elements, including a unique 20-digit identification code. Legally equivalent to paper invoices, the e-invoice reduces administrative burden and enhances tax compliance. The move underscores China’s commitment to modernizing tax administration while promoting efficiency and standardization for businesses and consumers. By eliminating the need for duplicate copies, the digital system improves usability and supports the broader digital transformation of the country’s financial ecosystem.

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Market Entry, Industry Updates and More...

Hong Kong

Hong Kong Unveils New Cybersecurity Bill

Hong Kong has introduced the Protection of Critical Infrastructures (Computer Systems) Bill (“PCI Bill”), aiming to safeguard critical infrastructure sectors like banking, healthcare, telecommunications, and transport from cyber threats. The bill imposes obligations on operators, including establishing specialist cybersecurity units, adopting preventive measures, and promptly reporting incidents. A Commissioner’s Office will oversee compliance and assist during emergencies. By aligning with international standards, the PCI Bill enhances Hong Kong’s cybersecurity framework, ensuring operational continuity in critical sectors. Businesses should prepare to meet the bill’s requirements and strengthen their cybersecurity protocols.

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CW CPA is a professional advisory and CPA firm offering accounting and financial reporting, audit and assurance, corporate secretarial, HR process outsourcing, tax advisory and China consulting services, with offices in Hong Kong, Shenzhen, Guangzhou and Shanghai in China, Barcelona in Spain, London in the UK, Bogotá in Colombia, Belo Horizonte and São Paulo in Brazil. CW CPA is a member of Allinial Global, an award-winning association of legally independent accounting and consulting firms whose members collaborate to bring their clients best-in-class solutions. 

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