Why has cash access changed Affect depositors?

Individuals depositing and withdrawing cash of more than 50,000 yuan need to register the source of funds!

The Administrative Measures for Customer Due Diligence and Customer Identity Information and Transaction Records of Financial Institutions (hereinafter referred to as the Measures) jointly issued by the central bank, the Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission will be formally implemented on March 1.

Why are there any new changes in cash deposit and withdrawal business? Will the Implementation of the Measures have an impact on ordinary depositors?

Cash exceeding 50,000 is subject to verification and registration

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.

"Cash has the characteristics of anonymity and untraceability, and large amounts of cash are often used to carry out illegal acts such as money laundering and tax evasion, endangering the country's economic and financial order." Dong Ximiao, chief researcher of CMF, said in an interview with yangcheng evening news reporters that the "Measures" are based on the previous relevant provisions, further refine and improve the specific requirements for customer identity information and transaction record preservation, and refer to international standards to supplement and improve the relevant requirements for customer due diligence.

According to reports, according to the 2016 revised "Measures for the Administration of Large and Suspicious Transactions of Financial Institutions", financial institutions should report cash deposits, cash withdrawals, cash settlements and sales, cash exchanges, cash remittances, cash bills releases and other forms of cash receipts and expenditures for single or cumulative transactions of more than RMB50,000 (including 50,000 yuan) and foreign currency equivalents of more than 10,000 US dollars (including 10,000 US dollars) on the same day, including customer names, ID numbers, and capital flows.

Dong Ximiao said that the implementation of the Measures is conducive to improving the anti-money laundering supervision system, cracking down on illegal cash use, improving the level of anti-money laundering work, reducing criminal activities such as money laundering and terrorist financing, and better maintaining financial stability and financial security.

The impact on the convenience of deposit and withdrawal is small

After the implementation of the Measures, will it bring inconvenience to the public's deposit and withdrawal of funds? Dong Ximiao said that the new measures have less impact on ordinary natural person customers. Domestic mobile payment is more developed, the proportion of cash in circulation is relatively small, and there are not many cases of individuals depositing and withdrawing cash of 50,000 yuan or more. If the customer needs to deposit and withdraw more than 50,000 yuan in cash, it is only necessary to fill in a large cash business registration form, the withdrawal should be checked for purpose, the source of the deposit should be checked, and no certification materials are required, which has little impact on the convenience of deposit and withdrawal.