Recently, the three departments of Chinese Min min Bank, China Banking and Insurance Regulatory Commission and China Securities Regulatory Commission jointly issued the Administrative Measures for Customer Due Diligence and Customer Identity Information and Transaction Record Preservation of Financial Institutions. The Measures will come into force on 1 March 2022. The Measures mention that commercial banks, rural cooperative banks, rural credit cooperatives, village and township banks and other financial institutions that handle cash deposits and withdrawals of a single RMB of more than 50,000 yuan or a foreign currency equivalent of more than US$10,000 for natural person customers shall identify and verify the identity of the customer, understand and register the source or use of funds.
