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Core Viewpoint - The recent adjustments to anti-money laundering regulations by financial institutions in China aim to simplify procedures for low-risk transactions while enhancing scrutiny for high-risk activities, reflecting a shift towards a risk-based approach in compliance [4][7][11]. Group 1: Regulatory Changes - The new draft regulation allows cash deposits and withdrawals over 50,000 yuan without the need to explain the source or purpose of the funds, a significant change from the previous requirement [4][9]. - Financial institutions are still required to conduct due diligence for single transactions exceeding 50,000 yuan related to cash remittances and physical precious metal transactions [5][11]. Group 2: Risk-Based Approach - The draft establishes a "risk-based" principle for customer due diligence, allowing simplified measures for low-risk clients while mandating stricter investigations for high-risk clients and transactions [7][11]. - Specific measures include prohibiting simplified due diligence in cases where there is suspicion of money laundering or terrorist financing, and closely monitoring clients from high-risk countries or regions [11]. Group 3: Background and Context - This draft is part of the preparations for the implementation of the revised Anti-Money Laundering Law, which will take effect on January 1, 2025, aiming to balance regulatory enforcement with the protection of normal financial activities and privacy [7][8]. - The previous regulation requiring the registration of cash sources for transactions over 50,000 yuan had sparked public debate, with concerns about privacy and operational burdens [9].