Recently, Chinese Bank and other three departments jointly issued the Administrative Measures for Customer Due Diligence and Customer Identity Information and Transaction Record Preservation of Financial Institutions (hereinafter referred to as the Measures), which will come into effect on March 1, 2022.
The Measures stipulate 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 of more than 10,000 U.S. 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.
In this regard, the person in charge of the relevant department and bureau of the Chinese Min min bank said that the implementation of the regulation by financial institutions will not affect the normal cash deposit and withdrawal business of residents, and the convenience of business will not be affected.
Chinese the person in charge of the relevant department of the Minmin Bank, under normal circumstances, financial institutions do not need customers to fill in information or provide supporting materials, financial institutions can directly handle cash access business for customers and register relevant information after a simple inquiry and understanding, and only when the transaction is found to be obviously abnormal and there are reasonable reasons to suspect that the transaction is suspected of illegal and criminal activities such as money laundering, it will further understand the situation to the customer.
Chinese Min min bank pointed out that the formulation of the "Measures" is conducive to conforming to the development of the financial industry and improving the mainland's ability to prevent money laundering and terrorist financing risks. In recent years, with the changes in financial products and business models, some new challenges have emerged in the anti-money laundering work of the financial industry, in order to enhance the mainland's ability to prevent money laundering and terrorist financing risks, it is necessary to further improve the anti-money laundering supervision system and strengthen the anti-money laundering supervision through the formulation of the Measures.
"'Confidentiality for depositors' is a basic principle established in the Commercial Bank Law, and financial institutions must keep confidential the personal information obtained in the course of business and the privacy of customers. In addition to complying with the requirements of general laws and regulations such as the Civil Code and the Personal Information Protection Law, financial institutions also need to establish a strict and complete customer information confidentiality system in accordance with the requirements of financial regulatory laws such as the Commercial Bank Law and the Anti-Money Laundering Law. For the leakage of personal information and customer privacy, banks and their staff shall bear legal responsibility, and if the circumstances are serious, they shall also bear criminal liability. The above-mentioned person in charge said.
Source: People's Daily News
Disclaimer: This article is reproduced for the purpose of transmitting more information and facilitating the popularization of law. If there is a source labeling error or infringement of your legitimate rights and interests, please contact qinghai pufa with the ownership certificate of the author, we will correct and delete it in time, thank you.
![Central Bank: The relevant regulations on personal cash deposit and withdrawal will not affect the normal cash deposit and withdrawal business of residents[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)