Core Viewpoint - The People's Bank of China has implemented new regulations to enhance anti-money laundering measures in the precious metals and gemstones sector, effective from August 1, raising the cash transaction reporting threshold to 100,000 yuan [2][4]. Regulatory Changes - The new regulations require that any cash transaction of 100,000 yuan or more in precious metals and gemstones must be reported to the Anti-Money Laundering Monitoring and Analysis Center [2][4]. - The scope of regulation has expanded to include all entities engaged in the trading of precious metals and gemstones, such as small merchants and wholesalers, even if these activities are secondary to their main business [4][8]. Customer Due Diligence - The customer due diligence (CDD) mechanism has been upgraded, mandating investigations for transactions over 100,000 yuan or if there are reasonable suspicions of money laundering or identity verification issues [5]. Record Keeping and Reporting - The requirements for record-keeping and reporting have been strengthened, with the retention period for customer identity and transaction information extended from five years to ten years [6][8]. Comparison with Previous Regulations - The new regulations have a significantly enhanced anti-money laundering focus compared to previous guidelines, which set the cash transaction reporting threshold at 50,000 yuan [3][8]. - The previous regulations only required reporting for cash transactions of 50,000 yuan or more, while the new regulations encompass the entire supply chain of precious metals and gemstones [8]. Context of Money Laundering - There has been a notable increase in cases of money laundering involving gold and jewelry, particularly in relation to telecom fraud [9]. - Recent law enforcement actions have highlighted the use of gold purchases to "clean" illicit funds, indicating a pressing need for stricter regulations [10].

Core Viewpoint - The People's Bank of China has implemented new regulations requiring reporting of cash transactions exceeding 100,000 RMB or equivalent foreign currency in the gold and diamond sectors, effective from August 1, 2025, to combat money laundering and terrorist financing [1][3][4]. Summary by Sections Regulatory Framework - The new "Management Measures for Anti-Money Laundering and Anti-Terrorist Financing in Precious Metals and Gemstone Industries" aims to establish a systematic regulatory framework to mitigate risks associated with money laundering and terrorist financing in these sectors [3][4]. Reporting Requirements - The threshold for submitting large transaction reports has been raised from 50,000 RMB to 100,000 RMB, affecting a wide range of precious metals and gemstone businesses [4][5]. - Institutions must report any cash transaction of 100,000 RMB or more within five working days to the Anti-Money Laundering Monitoring and Analysis Center [6]. Client Due Diligence - Institutions are required to follow the "Know Your Customer" principle, conducting due diligence based on customer characteristics and transaction nature, particularly for transactions meeting the reporting threshold [4][6]. - Customer identity verification must be conducted using reliable documents, and records must be retained for at least ten years after the business relationship ends [6]. Risk-Based Approach - The regulatory framework adopts a risk-differentiated strategy, imposing stricter measures on high-risk institutions while allowing simplified or exempted measures for low-risk entities [4].

Core Viewpoint - The People's Bank of China has issued new regulations to enhance anti-money laundering (AML) measures in the precious metals and gemstones industry, raising the threshold for large transaction reporting from 50,000 RMB to 100,000 RMB, effective from August 1, 2025 [1][2]. Group 1: Regulatory Changes - The new regulation requires reporting of cash transactions of 100,000 RMB or more, or equivalent foreign currency, and mandates customer due diligence based on the nature of transactions and associated money laundering risks [2][4]. - The previous threshold for reporting was set at 50,000 RMB, established in a 2017 notification by the People's Bank of China [2][3]. - The definition of precious metals includes gold, silver, platinum, and their various forms, while gemstones encompass diamonds and jade [2]. Group 2: Industry Impact - The increase in the reporting threshold is linked to the rising gold prices over the past two years, as noted by industry experts [2]. - All businesses engaged in precious metals and gemstones trading, including retail and pawn shops, are required to comply with the new AML obligations starting August 1, 2025 [3][4]. - Feedback from industry stakeholders indicates that large cash transactions for gold and gemstones are not common, and many businesses have not yet received notifications regarding the new regulations [3][4]. Group 3: Customer Due Diligence - Institutions must collect and retain basic identity information from customers, including names, contact details, and identification documents, as part of their due diligence process [4]. - The reporting of large transactions must be completed within five working days of the transaction occurring [4]. - Experts suggest that the process for consumers remains straightforward, and normal purchases should not raise concerns for customers [4].

Core Viewpoint - The recent news regarding the requirement to report cash transactions over 100,000 RMB for precious metals purchases is primarily aimed at combating money laundering and terrorist financing, and it is expected to have minimal impact on ordinary consumers' purchasing behavior [1][2][3]. Regulatory Framework - The new regulation, titled "Management Measures for Anti-Money Laundering and Anti-Terrorist Financing for Precious Metals and Gemstone Practitioners," mandates that institutions must perform anti-money laundering duties for cash transactions exceeding 100,000 RMB or its equivalent in foreign currency, effective from August 1, 2025 [2][6]. - The regulation applies to various entities involved in the precious metals and gemstones industry, including retail and recycling businesses [3][4]. Impact on Consumers - Individual consumers purchasing precious metals or jewelry will only be affected if they use cash exceeding 100,000 RMB; transactions made via credit or debit cards are exempt from this requirement [3][4]. - Experts indicate that cash transactions over this threshold are uncommon among individual consumers, suggesting that the regulation will not significantly disrupt normal purchasing activities [4]. Rationale for Cash Limit - The 100,000 RMB cash limit is designed to balance regulatory effectiveness with cost considerations, aligning with international standards for anti-money laundering practices [6][7]. - This limit is consistent with international guidelines, where cash transactions above approximately 10,750 RMB (15,000 USD) require customer due diligence [7]. Industry Context - The inclusion of precious metals and gemstones in anti-money laundering regulations is deemed necessary due to the high value density and liquidity of these assets, which can facilitate money laundering and terrorist financing activities [8][9]. - The new measures are part of a broader effort to enhance compliance and regulatory oversight in the industry, responding to the evolving nature of money laundering techniques [10].

Core Points - The People's Bank of China has issued the "Management Measures for Anti-Money Laundering and Counter-Terrorist Financing for Precious Metals and Gemstone Practitioners," effective from August 1, 2025 [2][4] - The threshold for reporting large cash transactions has been raised to RMB 100,000 or equivalent foreign currency [4][5] Group 1: Regulatory Framework - The measures require practitioners to fulfill anti-money laundering obligations for cash transactions of RMB 100,000 or more [4][5] - Practitioners must submit large transaction reports to the Anti-Money Laundering Monitoring and Analysis Center within five working days of the transaction [2][6] Group 2: Definition and Scope - The term "practitioners" refers to entities legally engaged in the spot trading of precious metals and gemstones within China [5] - Precious metals include gold, silver, platinum, and their various forms, while gemstones refer to natural stones like diamonds and jade [5] Group 3: Customer Due Diligence - Practitioners are required to conduct customer due diligence based on the "Know Your Customer" principle, especially for transactions exceeding RMB 100,000 [6][8] - Enhanced due diligence is mandated for customers from high-risk jurisdictions or those identified as politically exposed persons [6][8] Group 4: Record Keeping - Customer identity information and due diligence records must be retained for at least ten years after the business relationship ends [7] Group 5: Internal Controls and Risk Management - Practitioners must establish internal controls for anti-money laundering, appoint a dedicated person to oversee compliance, and regularly assess their money laundering risk [8] - The measures allow for simplified internal control requirements for institutions assessed as having a lower risk of money laundering [8]

Core Viewpoint - The People's Bank of China has issued a new regulation regarding anti-money laundering and anti-terrorist financing for institutions engaged in precious metals and gemstones trading, effective from August 1, 2025 [1]. Group 1: Regulatory Framework - Institutions must fulfill anti-money laundering obligations for cash transactions of 100,000 RMB or more, or equivalent foreign currency [1]. - A due diligence process is required based on customer characteristics and transaction nature for transactions meeting the threshold [1]. - Institutions are required to submit a large transaction report to the Anti-Money Laundering Monitoring and Analysis Center within five working days of the transaction [1]. Group 2: Definition of Entities - The term "institutions" refers to traders legally engaged in the spot trading of precious metals and gemstones within the People's Republic of China [1]. - "Precious metals" include gold, silver, platinum, and their various forms, while "gemstones" refer to natural gemstones like diamonds and jade in all forms [1].

近日，中国人民银行发布《贵金属和宝石从业机构反洗钱和反恐怖融资管理办法》（下称《办法》）。其 中提到，从业机构开展人民币10万元以上（含10万元）或者等值外币现金交易的，应当根据《办法》规定 履行反洗钱义务。 客户单笔或者日累计金额人民币10万元以上（含10万元）或者等值外币现金交易的，从业机构应当按照规定在 交易发生之日起5个工作日内向中国反洗钱监测分析中心提交大额交易报告。《办法》自2025年8月1日起施 行。 央行：8月1日起，现金买黄金超10万元需上报 日前，中国人民银行发布《贵金属和宝石从业机构反洗钱和反恐怖融资管理办法》。其中提到，从业机构开展 人民币10万元以上（含10万元）或者等值外币现金交易的，应当根据《办法》规定履行反洗钱义务。客户单笔 或者日累计金额人民币10万元以上（含10万元）或者等值外币现金交易，从业机构应当勤勉尽责，遵循"了解 你的客户"原则，根据客户特征和交易活动的性质、洗钱风险状况，开展客户尽职调查。 《办法》提到，客户单笔或者日累计金额人民币10万元以上（含10万元）或者等值外币现金交易的，从业机构 应当按照规定在交易发生之日起5个工作日内向中国反洗钱监测分析中心提交大额交 ...

近日，中国人民银行发布"中国人民银行关于印发《贵金属和宝石从业机构反洗钱和反恐怖融资管理办 法》的通知（银发〔2025〕124号）"（以下简称《办法》）。 其中提到，从业机构开展人民币10万元以上（含10万元）或者等值外币现金交易的，应当根据《办法》 规定履行反洗钱义务。客户单笔或者日累计金额人民币10万元以上（含10万元）或者等值外币现金交 易，从业机构应当勤勉尽责，遵循"了解你的客户"原则，根据客户特征和交易活动的性质、洗钱风险状 况，开展客户尽职调查。 客户单笔或者日累计金额人民币10万元以上（含10万元）或者等值外币现金交易的，从业机构应当按照 规定在交易发生之日起5个工作日内向中国反洗钱监测分析中心提交大额交易报告。 贵金属交易存在交易金额大、现金交易比例高等特点，国际社会普遍将其视为洗钱和恐怖融资高风险领 域。上述《办法》自2025年8月1日起正式施行，旨在通过建立系统化监管框架，防范贵金属与宝石交易 领域的洗钱及恐怖融资风险。 《办法》明确，贵金属是指黄金、白银、铂金等及其铸币、标准条锭、制品、中间产品和精炼后的原材料 等；宝石是指钻石、玉石等天然宝石的各类原材料及首饰、制品实物形态。《办法》要 ...

Core Viewpoint - The People's Bank of China has issued new anti-money laundering and counter-terrorism financing regulations for precious metals and gemstones, effective from August 1, 2025, aimed at establishing a systematic regulatory framework to mitigate risks in the sector [1] Regulatory Scope and Applicable Entities - The new regulations cover a wide range of entities engaged in the spot trading of precious metals and gemstones within China, including members of the Shanghai Gold Exchange, Shanghai Diamond Exchange, and various industry associations [2] - Retailers such as small gold shops and jewelry stores are also required to comply with the anti-money laundering regulations if they engage in relevant spot trading activities [2] - The definition of precious metals includes gold, silver, platinum, and their various forms, while gemstones encompass diamonds, jade, and other natural gemstones [2] Transaction Reporting and Customer Due Diligence Requirements - A clear reporting standard for large transactions has been established, requiring institutions to report cash transactions exceeding RMB 100,000 or equivalent foreign currency within five working days to the Anti-Money Laundering Monitoring and Analysis Center [2] - This reporting threshold has been raised from RMB 50,000 as per previous regulations issued in 2017 [2] - Institutions must adhere to the "Know Your Customer" principle and conduct due diligence in specific situations, including when there are reasonable grounds to suspect money laundering activities [3] - Customer identity verification and transaction purpose understanding are essential components of the due diligence process [3] Information Retention and Reporting of Suspicious Transactions - Institutions are required to maintain a robust information retention mechanism, keeping customer identity data for at least 10 years after the business relationship ends, an extension from the previous 5-year requirement [3] - Any suspicious transactions, regardless of the amount, must be reported promptly to the relevant authorities [3]

Core Viewpoint - Starting from August 1, 2025, cash transactions exceeding 100,000 RMB for purchasing gold, diamonds, or jade must be reported, as per the new anti-money laundering regulations issued by the People's Bank of China [2][3]. Group 1: Regulatory Framework - The new regulations aim to establish a systematic regulatory framework to prevent money laundering and terrorist financing risks in the precious metals and gemstones trading sector [3][4]. - The regulations require that institutions must submit large transaction reports within five working days for cash transactions of 100,000 RMB or more [3][29]. - Customer identity information must be retained for at least 10 years after the business relationship ends or after the transaction is completed [6][32]. Group 2: Compliance Obligations - Institutions are required to conduct customer due diligence based on the risk status of the customer before or after transactions [5][20]. - If customers refuse to cooperate with due diligence measures, institutions can restrict or terminate transactions and report suspicious activities [6][24]. - Institutions must maintain confidentiality regarding customer identity and transaction information obtained during anti-money laundering efforts [10]. Group 3: Risk Management - Institutions must assess their money laundering risk and establish internal controls accordingly, with simplified requirements for those assessed as lower risk [16][19]. - Regular evaluations of money laundering risks must be conducted, with a maximum cycle of three years [19]. - Enhanced due diligence measures are required for customers or transactions from high-risk countries or involving politically exposed persons [25][26]. Group 4: Reporting Requirements - Institutions must report large transactions exceeding 100,000 RMB to the Anti-Money Laundering Monitoring and Analysis Center within five working days [29]. - Any suspicion of money laundering activities must also be reported, regardless of the transaction amount [30]. - The specific formats and requirements for reporting large and suspicious transactions will be defined by the Anti-Money Laundering Monitoring and Analysis Center [30][31].