China Puts Limits on Online Bank Transfers

ChinaByte, 5/06/09

A joint notice has been released by numerous Chinese banks, the China Banking Regulatory Commission (CBRC), China's Public Security Bureau (PSB), and the State Administration for Industry and Commerce (SAIC) regarding the intensification of bank card security management and a crack down on bank card crimes.

The notice emphasizes stricter management of self-service account transfers, with cards that have telephone banking and ATM account transfer capability to be limited to transfers of no more than RMB 50,000 per day. Cards with activated online banking transfer capability will be required to utilize security protections including digital certification and electronic signatures, without which transfers will be limited to single transfers of RMB 1,000, with a daily limit of RMB 5,000.

Keywords: certification China Banking Regulatory Commission Internet online banking SAIC security telephone banking regulation

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