The new law grants banks more power to immediately block suspicious transactions, providing better legal protection against cyber-crimes and fraud.
The law also enables information sharing between financial institutions, business owners, and telecom service providers in the event of potentially illegal activity.
Temporary suspension for seven days
Also, if bank accounts are thought to be connected to questionable activity, such as money laundering, banks are permitted to respond quickly and temporarily suspend them for seven days.
About the author
Boris Sullivan is a business news editor based in Hong Kong. He has over 15 years of experience in covering the latest trends and developments in the Asian markets, as well as the global economy.