【Attention】There are new changes in cash deposit and withdrawal! Effective From March 1

　　Recently, Chinese Min Bank, China Banking and Insurance Regulatory Commission and China Securities Regulatory Commission recently jointly issued the Administrative Measures for Customer Due Diligence and Customer Identity Information and Transaction Record Preservation of Financial Institutions (order [2022] No. 1 of the China Securities Regulatory Commission of the China Banking and Insurance Regulatory Commission of the Chinese Bank of China, hereinafter referred to as the "Measures"), which will come into effect on March 1, 2022.

　　Among them, article 10 of the Measures mentions that commercial banks, rural cooperative banks, rural credit cooperatives, village and township banks and other financial institutions that handle cash deposits and withdrawals of more than RMB 50,000 yuan or the equivalent value of more than 10,000 US dollars in foreign currency for natural person customers shall identify and verify the identity of the customers, understand and register the source or use of funds, and follow the relevant provisions on large cash management.

　　In addition, the following are the cases in which the Measures require financial institutions to conduct customer due diligence or identify and verify the identity of customers, register the basic information of customer identity, and retain copies or photocopies of customers' valid identity documents or other identification documents:

　　◆ Article 9 of the Measures points out that financial institutions, policy banks, commercial banks, rural cooperative banks, rural credit cooperatives, village and township banks and other financial institutions engaged in foreign exchange business provide one-time transactions such as cash remittance, cash exchange, bill redemption, physical precious metal trading, and sales of various financial products for customers who do not open accounts with their institutions, and the transaction amount is more than 50,000 yuan or the equivalent value of foreign currency is more than 10,000 US dollars A one-time transaction includes several transactions that are clearly related and the above amount is accumulated within 5 days.

　　◆ Article 12 of the Measures points out that securities companies, futures companies, securities investment fund management companies and other institutions engaged in fund sales business sell various types of financial products to customers who do not open accounts with the institution and the transaction amount is more than 50,000 yuan or the equivalent in foreign currency is more than 10,000 US dollars.

　　◆ Article 17 of the Measures points out that non-bank payment institutions establish business relationships with customers by opening payment accounts, etc., as well as selling registered prepaid cards to customers or selling bearer prepaid cards at one time for more than 10,000 yuan; by signing contracts or tying cards, etc., for customers who do not open payment accounts with the institution, the payment transaction processing is processed and the transaction amount is more than 10,000 yuan per transaction or the equivalent in foreign currency 1,000 US dollars, Or within 30 days, the cumulative amount of bilateral receipt and payment of funds is more than 50,000 yuan or the equivalent value of foreign currency is more than 10,000 US dollars.

　　◆ Article 21 of the Measures points out that insurance asset management companies, financial asset management companies, enterprise group finance companies, financial leasing companies, auto finance companies, consumer finance companies, currency brokerage companies, loan companies, bank wealth management subsidiaries and other financial institutions determined by Chinese Min bank are signing financial business contracts with customers and the transaction amount exceeds 50,000 yuan.

Source: China Popularization of Law