From March 1, individuals with a single cash deposit and withdrawal of more than 50,000 yuan should explain the source and purpose of funds.
The three departments of the People's Bank of China, the Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission jointly issued a document today, which will be implemented from March 1, 2022. The document stipulates that individuals who handle a single deposit and withdrawal of more than 50,000 yuan need to register the source or purpose of funds; individuals who handle cash remittances, bill exchanges, physical precious metals, purchase of financial products and other transactions of more than 50,000 yuan need to register the source of funds; non-account opening institutions to purchase funds and other financial products transactions of more than 50,000 yuan, need to register the source of funds. The purpose of the document is to further enhance the risk prevention capacity of money laundering and terrorist financing.
