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Core Viewpoint - The article discusses the release of the "Management Measures for Customer Due Diligence and Customer Identity Information and Transaction Record Keeping by Financial Institutions" draft by the People's Bank of China and other regulatory bodies, aimed at enhancing customer due diligence based on risk assessment [1][4]. Group 1: Regulatory Context - Regulatory authorities have identified deficiencies in financial institutions' risk-based customer due diligence measures, indicating a gap compared to international standards set by the Financial Action Task Force (FATF) [3]. - The introduction of the management measures is a response to the requirements of the Anti-Money Laundering Law and aims to prepare for international assessments related to anti-money laundering [4]. Group 2: Customer Due Diligence Requirements - Financial institutions are required to diligently identify and verify the identity of customers and their beneficial owners, taking into account the nature of customer characteristics and transaction activities [4]. - Continuous monitoring of customer status and transaction activities is mandated, especially for those with higher risks of money laundering or terrorist financing, necessitating enhanced due diligence measures [4]. Group 3: Specific Provisions - Financial institutions are prohibited from providing services to unidentified customers or opening anonymous accounts, and must verify the identity of remitters for transactions exceeding RMB 5,000 or USD 1,000 [5]. - Simplified due diligence does not exempt financial institutions from the obligation to identify and verify customer identities, requiring at least the registration of customer names or identification information [5].