Jing Ji Ri Bao·2025-08-09 01:38Core Viewpoint - The People's Bank of China, in collaboration with the National Financial Regulatory Administration and the China Securities Regulatory Commission, has drafted the "Management Measures for Customer Due Diligence and Customer Identity Information and Transaction Record Keeping" to enhance anti-money laundering efforts and align with international standards [1][2]. Group 1: Regulatory Framework - The draft management measures are a necessary step to implement the Anti-Money Laundering Law, which took effect on January 1, 2024, emphasizing risk-based customer due diligence [1]. - The measures aim to address the shortcomings in the effectiveness of customer due diligence practices observed in recent years, where some institutions applied a "one-size-fits-all" approach [2]. Group 2: Risk Management - The management measures stress the importance of a risk-based approach, requiring financial institutions to tailor their due diligence efforts according to the risk profile of clients, thereby avoiding mismatched measures [2]. - Specific provisions are included to simplify due diligence for low-risk scenarios, enhancing the convenience of normal financial operations [2]. Group 3: Public Service and Compliance - The measures do not mandate verification of the source and purpose of cash transactions above 50,000 yuan unless there is a high risk of money laundering, thus preventing excessive interference in the daily financial activities of the public [3]. - The management measures reaffirm existing international rules regarding cross-border remittances, ensuring the transmission of accurate sender information for transactions over 1,000 USD, which is not a new requirement but emphasizes compliance with global standards [3].