The topic of personal access to cash exceeding 50,000 yuan to register yesterday (9th) on the hot search, the head of the relevant department of the People's Bank of China told @ Guoshi through the media that the main purpose of the implementation of the "Financial Institutions Customer Due Diligence and Customer Identity Information and Transaction Record Preservation Management Measures" is to prevent and curb illegal and criminal activities such as money laundering, and protect the safety and interests of the people's funds.
The implementation of the provisions on personal cash deposit and withdrawal in the above measures by financial institutions will not affect the normal cash deposit and withdrawal business of residents, nor will the degree of business convenience be affected. 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 they find that the transaction is obviously abnormal and there are reasonable reasons to suspect that the transaction is suspected of money laundering and other illegal and criminal activities, they will further understand the situation from the customer.
Strengthening the management of cash deposit and withdrawal business is a requirement for financial institutions to fulfill their anti-money laundering obligations and comply with international standards for anti-money laundering. The person in charge also revealed that from a statistical point of view, the current number of cash access and withdrawal business of more than 50,000 yuan in the mainland only accounts for about 2% of all cash access and withdrawal business, and the above-mentioned measures on personal cash access and withdrawal regulations generally have less impact on customers' cash business.
Source: Guangzhou Daily
Edit: Qi
