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CBRC To Regulate Online Transactions
August 20, 2007 |
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Comments | Category: Law & Policy
China Banking Regulatory Commission has issued an updated circular to financial institutions of various levels throughout China, asking them to coordinate with related government departments to monitor illegal online transactions.
CBRC asks financial institutions to strengthen the auditing of the full information of e-commerce websites, including their operation qualifications and legal responsibilities, set up, and transaction monitoring mechanisms and then to report any illegal behavior immediately to local police departments.
In addition, CBRC emphasizes that the financial institutions should reinforce the applications surrounding e-signature, user authentication and log audits for online banking systems and improve the authenticity of online transaction data, making them traceable and safe so that they can be used afterwards for auditing or legal evidence.
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