央行等三部门重磅发布：取消“个人存取现金超5万元需登记”规定 明年1月1日起施行

Core Viewpoint - The People's Bank of China, along with the National Financial Regulatory Administration and the China Securities Regulatory Commission, has issued new regulations on customer due diligence and transaction record management, effective from January 1, 2026, emphasizing a risk-based approach to financial transactions [1][4]. Group 1: Regulatory Changes - The requirement for banks to register the source of funds for cash withdrawals exceeding 50,000 yuan has been removed, aligning with the previous draft [1][3]. - Financial institutions are mandated to maintain customer identity information and transaction records securely, ensuring they can reproduce each transaction for due diligence and suspicious activity investigations [4][7]. Group 2: Risk-Based Approach - The new regulations advocate for a risk-based approach, allowing banks to simplify procedures for low-risk transactions while intensifying scrutiny for high-risk situations [4][6]. - For example, pension withdrawals from clear sources are considered low risk, requiring only basic identity verification, while unusual transactions, such as sudden large transfers from a student, will trigger enhanced investigation protocols [5][6][7]. Group 3: Industry Perspectives - Industry insiders emphasize the need for a balance between "withdrawal freedom" and financial security, highlighting the challenges banks face in managing customer inquiries without overstepping [8][10]. - There is a call for clearer rules to navigate the tension between customer convenience and the necessity of regulatory compliance, ensuring that banks can fulfill their anti-money laundering obligations while providing efficient service [10][11][13].