Core Viewpoint - The People's Bank of China has issued new regulations to enhance anti-money laundering (AML) measures in the precious metals and gemstones industry, raising the threshold for large transaction reporting from 50,000 RMB to 100,000 RMB, effective from August 1, 2025 [1][2]. Group 1: Regulatory Changes - The new regulation requires reporting of cash transactions of 100,000 RMB or more, or equivalent foreign currency, and mandates customer due diligence based on the nature of transactions and associated money laundering risks [2][4]. - The previous threshold for reporting was set at 50,000 RMB, established in a 2017 notification by the People's Bank of China [2][3]. - The definition of precious metals includes gold, silver, platinum, and their various forms, while gemstones encompass diamonds and jade [2]. Group 2: Industry Impact - The increase in the reporting threshold is linked to the rising gold prices over the past two years, as noted by industry experts [2]. - All businesses engaged in precious metals and gemstones trading, including retail and pawn shops, are required to comply with the new AML obligations starting August 1, 2025 [3][4]. - Feedback from industry stakeholders indicates that large cash transactions for gold and gemstones are not common, and many businesses have not yet received notifications regarding the new regulations [3][4]. Group 3: Customer Due Diligence - Institutions must collect and retain basic identity information from customers, including names, contact details, and identification documents, as part of their due diligence process [4]. - The reporting of large transactions must be completed within five working days of the transaction occurring [4]. - Experts suggest that the process for consumers remains straightforward, and normal purchases should not raise concerns for customers [4].
8月1日起现金买黄金钻石超10万元需登记 正常消费无需多虑！
Guang Zhou Ri Bao·2025-07-02 15:58