Regardless of the service that you use to remit funds to China, there is some Anti Money Laundering and Know Your Customer regulation preparation that you can do... this will accelerate any financial application: Your company will need to provide a copy of each of the following: - Company’s certificate of Incorporation - Company’s extract - Company's proof of address within 3 months - ID for all directors and shareholders with more than 25%: —Passport or Driver’s license —bank card with name on it or National ID Proof of address for all directors and shareholders with more than 25% e.g. bank statement or utility bills within 3 months
CNY-USD | AML and KYC Payments processing. We are being told that USA and China are in a trade war, but in reality, there is a fundamentally close cooperation between the infrastructure networks, which operate in one accord. In fact, our USA-China payments processor, works strictly in accordance with USA law and vice versa. I am very happy to see this inter-connectivity at play between USA and China. Highlights from our training for on-boarding USA businesses into Chinese payments platform: Notable is that the global standardisation and systematisation of Anti-Money Laundering and Know Your Customer Rules, the connectivity of money laundering crime databases, which are immediately accessible to the payments processor during an application process. This means that criminals will not be able to take a back door to access a means of money laundering, which protects all of us from recurring, organised crime. Logically, if there is no way to spend the proceeds of crime, there is much less incentive to steal in the first place. We love China and USA cooperation across AML and KYC rules, because this protects you, your business, your family and your friends.