Core Viewpoint - The People's Bank of China has issued the "Management Measures for Anti-Money Laundering and Anti-Terrorist Financing for Precious Metals and Gemstone Practitioners," which mandates reporting of cash transactions exceeding 100,000 RMB or equivalent foreign currency [1][2]. Group 1: Regulatory Framework - The "Management Measures" aim to enhance the legal framework and strengthen industry supervision in response to the revised Anti-Money Laundering Law of the People's Republic of China [2]. - The measures are designed to prevent illegal funds from entering the market, curb corruption, and improve the business environment in the precious metals and gemstones sector [2]. - The implementation of these measures is also a preparatory step for the upcoming international anti-money laundering evaluation in 2025, aligning with international standards [2]. Group 2: Reporting Requirements - Institutions must report cash transactions of 100,000 RMB or more within five working days to the Anti-Money Laundering Monitoring and Analysis Center [3][4]. - This reporting requirement is consistent with international practices, where similar thresholds exist for cash transactions [3]. - The focus on cash transactions is due to their higher associated risks for money laundering and terrorist financing [3]. Group 3: Privacy and Confidentiality - The "Management Measures" stipulate that customer information obtained during anti-money laundering duties must be kept confidential and not disclosed without legal authorization [4]. - There are strict confidentiality measures in place regarding the use of large transaction reports to protect personal information [3][4]. - Concerns regarding privacy protection are addressed, emphasizing that the Anti-Money Laundering Monitoring and Analysis Center has stringent regulations on information usage [3].
依法防范 贵金属和宝石交易洗钱风险
Jin Rong Shi Bao·2025-08-08 07:57