Rush hot search!”Personal cash withdrawal over 50,000 yuan need to register capital sources”!These new rules will affect the lives of people in Pinghu

2022-06-06 0 By

On January 31, the topic “Individuals need to register their sources of funds to withdraw more than 50,000 yuan in cash” was searched on Weibo, attracting more than 190 million views.☟☟☟ Last week, the official website of the People’s Bank of China released the first document of 2022, which announced the content of “Financial institutions customer due diligence and Customer identity information and Transaction records Preservation management Measures”.It is reported that the measures from March 1, 2022 into effect.The measures stipulated in article 10: commercial Banks, rural cooperative Banks, rural credit cooperatives, village Banks and other financial institutions deal with single 50000 yuan of above for natural person customer or foreign currency more than 10000 dollars in cash equivalent access to business, shall identify and verify customer’s identity, to understand and the source of the registered capital or purpose.The current regulation is the Administrative Measures for The Identification of Customers of Financial Institutions and the Preservation of Customer Identity Information and Transaction Records issued in 2007 (Order No. 2 of the People’s Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission, 2007). The current regulation is as follows:Where commercial banks, rural cooperative banks, urban credit cooperatives, rural credit cooperatives and other financial institutions handle the cash withdrawal and withdrawal of a single transaction of RMB 50,000 or the foreign currency equivalent of US $10,000 for natural person clients, they shall check the clients’ valid identity certificates or other identity certificates.The new regulation, which takes effect on March 1, adds a requirement to “know and register the source or use of funds” compared with the current regulation.The People’s Bank of China (PBOC) official said that the new measures will help comply with the development of the financial industry and improve the country’s ability to prevent money laundering and terrorist financing risks.It is conducive to international standards of anti-money laundering.These new rules will affect your life from February 1st!☟ ☟ ☟