From March 1, individuals depositing and withdrawing more than 50,000 yuan in cash need to register the source of funds.
Recently, "personal access to cash exceeding 50,000 yuan needs to register the source of funds" on Weibo hot search, causing widespread concern.
(Source: Screenshot of the official website of Chinese Min Bank)
The hot search originated from the "Administrative Measures for Customer Due Diligence and Customer Identity Information and Transaction Record Preservation of Financial Institutions" jointly issued by Chinese Min bank, China Banking and Insurance Regulatory Commission and China Securities Regulatory Commission, which stipulates:
Starting from March 1, 2022, where commercial banks, rural cooperative banks, rural credit cooperatives, village and township banks and other financial institutions handle a single cash deposit and withdrawal of more than RMB 50,000 yuan or a foreign currency equivalent of more than US$10,000 for natural person customers, they shall identify and verify the identity of the customer, understand and register the source or use of funds.
In addition, Article 9 of the Measures proposes 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 shall 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, with a single transaction amount of more than 50,000 yuan or a foreign currency equivalent of more than 10,000 US dollars.
Article 12 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 points out that a non-bank payment institution establishes a business relationship with a customer by opening a payment account, etc., as well as selling a registered prepaid card to a customer or selling an anonymous prepaid card of more than RMB10,000 at one time; by signing a contract or tying a card, etc., for customers who do not open a payment account with the institution, the payment transaction process is processed and the transaction amount is more than 10,000 yuan per transaction or more than 1,000 US dollars equivalent in foreign currency. 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.
In view of the above three situations, the Measures stipulate that financial institutions shall carry out customer due diligence, register the basic information of customer identity, and retain copies or photocopies of customers' valid identity documents or other identification documents.
In short, from March 1, whether you deposit 50,000 yuan or withdraw 50,000 yuan at the bank, the bank will investigate and review whether the deposit or the source of the withdrawal is legitimate and legal.
The reason for introducing such a measure is mainly for anti-money laundering.
The Measures propose that financial institutions should conduct audits at least once a year for customers with the highest risk level of money laundering or terrorist financing; they should also take strengthened due diligence measures, such as understanding the economic or business conditions of customers through on-site visits and other means.
That is to say, the promulgation of the Measures is to improve the anti-money laundering supervision mechanism and further enhance the mainland's ability to prevent money laundering and terrorist financing risks.