cryptohunter
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The People's Bank of China, makes sure offshore banking in the country follows rules to keep money stable and safe. They use a system, led by their team called the State Administration of Foreign Exchange, to watch over offshore banking operations.
SAFE handles approvin things like opening offshore account and deciding how much money can move between countries. They keep a close eye on money flows to make sure it doesn't cause problems for the local money system.
The PBOC also makes sure offshore banking is clean from money laundering and terrorist financing risk. They do this by having strong checks on who's using the bank KYC and keeping an eye on transactions.
SAFE handles approvin things like opening offshore account and deciding how much money can move between countries. They keep a close eye on money flows to make sure it doesn't cause problems for the local money system.
The PBOC also makes sure offshore banking is clean from money laundering and terrorist financing risk. They do this by having strong checks on who's using the bank KYC and keeping an eye on transactions.
