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"Real Name" System Adopted for Individual Bank AccountsChina's State Council promulgated a regulation on March 31 on adopting a real name system for individual bank accounts in an effort to protect the legal rights and interests of savers.A spokesman for the People's Bank of China, the country's central bank, said that the individual accounts referred in the regulation are yuan and foreign exchange deposit accounts of various kinds opened by citizens in banks and financial institutions that handle individual deposits according to law. "Real name" refers to names used in various legal identification cards. Individuals opening new accounts in financial institutions will be asked to show their own identification cards and use their real names as of the date of the promulgation of the regulation. With respect to old accounts, the depositor is required to show an identification card and change pseudonyms into real names only when making new deposits. The regulation also has detailed provisions on the responsibility of financial institutions and their staff for the security of individual accounts. Experts point out that the implementation of this regulation is a significant step in reforming China's individual deposit management system, and will play an active role in protecting savers' legal rights and interests, and prevent financial fraud, while standardizing the operations of financial institutions and further reinforcing financial supervision.
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