What is Chinese underground banking?

I am the money laundering reporting officer (MLRO) of a conveyancing practice. Is there any specific information for the legal sector on Chinese currency controls?

The Legal Sector Affinity Group issued an advisory notice about the risks arising from the use of Chinese informal value transfer systems (underground banking) and the circumvention of Chinese currency controls.

The National Crime Agency (NCA) has also produced a useful explanation of Chinese underground banking and “daigou”.

Read the NCA's guidance (PDF 238 KB)


While every effort has been made to ensure the accuracy of the information in this article, it does not constitute legal advice and cannot be relied upon as such. The Law Society does not accept any responsibility for liabilities arising as a result of reliance upon the information given.

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