On November 28, the official website of the People's Bank of China published the “Administrative Measures on Customer Due Diligence of Financial Institutions and the Preservation of Customer Identification Data and Transaction Records”, which emphasizes that financial institutions carry out customer due diligence based on risk, and grasp the balance between preventing and controlling money laundering risks and optimizing financial services. Among them, the rule that “individuals must register a source of funds to deposit and withdraw more than 50,000 yuan in cash” was abolished, in line with the previous draft solicitation of comments. According to the new regulations, when withdrawing money, banks no longer ask “one-size-fits-all” questions, but decide whether to “ask more questions” based on risk conditions: when there is a higher risk of money laundering, banks “strengthen investigations” to understand the source and use of funds; simplified measures are taken for low-risk situations.

On November 28, the official website of the People's Bank of China published the “Administrative Measures on Customer Due Diligence of Financial Institutions and the Preservation of Customer Identification Data and Transaction Records”, which emphasizes that financial institutions carry out customer due diligence based on risk, and grasp the balance between preventing and controlling money laundering risks and optimizing financial services. Among them, the rule that “individuals must register a source of funds to deposit and withdraw more than 50,000 yuan in cash” was abolished, in line with the previous draft solicitation of comments. According to the new regulations, when withdrawing money, banks no longer ask “one-size-fits-all” questions, but decide whether to “ask more questions” based on risk conditions: when there is a higher risk of money laundering, banks “strengthen investigations” to understand the source and use of funds; simplified measures are taken for low-risk situations.