The People’s Bank of China, the China Banking Regulatory Commission, and the China Securities Regulatory Commission jointly released regulations against money laundering and terrorism financing by online financial services providers on Wednesday. 

The institutions must set up internal control mechanisms for combating money laundering and terrorism financing, follow "know your customer" (KYC) rules, and report large and suspicious transactions in a timely fashion, the People's Bank of China (PBOC).

The rules will take effect on January 1, 2019, it said.

Earlier on Wednesday, the PBOC said it would improve its supervision mechanism for fighting money laundering and countering terrorism financing.

(With input from CGTN)