#Central Bank Responds to New Regulations on Personal Cash Deposits and Withdrawals #From 1 March 2022, the Administrative Measures for Customer Due Diligence and Customer Identity Information and Transaction Records of Financial Institutions will be formalized

#Central Bank Responds to New Rules on Personal Cash Deposits and Withdrawals #From 1 March 2022, the Administrative Measures for Customer Due Diligence and Customer Identity Information and Transaction Records of Financial Institutions will be formally implemented. The person in charge of the relevant department of the central bank said that the relevant regulations on personal cash deposit and withdrawal will not affect the normal cash deposit and withdrawal business of residents, and the convenience of residents' cash deposit and withdrawal will not be affected. The main purpose is to prevent and curb illegal and criminal activities such as money laundering and protect the safety and interests of the people's funds. 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. In the next step, the People's Bank of China will guide financial institutions to formulate implementation rules, and it is necessary to strictly implement the minimum and necessary principles to understand the information of registered customers and not to increase the burden on customers.