Chinese banks have tightened checks on payments from the UAE, India and Hong Kong
China's banks have started to conduct additional checks on transactions that pass through the UAE and Hong Kong, Ilona Gorsheneva-Doluntz, a representative of the Russian Opora in China (Guangdong Province), told Izvestia. She specified: they make sure that shipments of goods are shipped to the country where the money came from.
Chinese credit organizations have introduced additional compliance of payments from many countries, Alexey Poroshin, CEO of First Group, confirmed to Izvestia. Among them are the UAE, India and Hong Kong, among others. The situation with sending money to the PRC through these countries has indeed worsened and will remain so for the coming months. This is due to the past elections in the United States, the expert explained.
Chinese banks are waiting to see how the U.S. regulator will behave and are reinsuring themselves, said Alexei Poroshin. In addition, while the Democrats are still in power, they are trying to "tighten the screws" as much as possible.
The inspections have intensified even in relation to transactions through the CIS countries, said Alexei Razumovsky, commercial director of Impaya Rus. Earlier such serious checks in China have already been launched in relation to transfers through Turkey.
So credit organizations are trying to track the "Russian trace" in the chain, explained Ekaterina Kizevich, general director of Atvira, an expert practitioner of foreign economic activity. According to her, this is due to their fear of falling under secondary sanctions.
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