11月底，一场由十三个核心部门参与的会议明确指出，包括稳定币在内的虚拟货币相关业务属于非法金融活动。这类虚拟货币无法满足客户身份识别和反洗 钱要求，已成为洗钱、诈骗的新工具。 政策转向 虚拟货币监管新阶段的开始，源于一场由金融管理部门牵头、多部门参与的专项会议。这场会议对虚拟货币，特别是稳定币的性质做出了前所未有的明确界 定。 稳定币作为一种试图锚定法定货币价值的虚拟货币，其流通规模已突破1840亿美元。会议直指其核心缺陷：无法有效满足客户身份识别、反洗钱等基本合规 要求。 这一表态并非突然之举，而是监管逻辑的延续和强化。自2013年将比特币定义为"特定虚拟商品"以来，中国对虚拟货币的监管持续收紧。 风险识别 此次监管升级主要针对三大风险。虚拟货币市场本身波动剧烈，仅2025年10月至11月，比特币价格就从12.6万美元暴跌至8.2万美元，导致大量投资者爆仓。 稳定币市场快速扩张，其发行机制和储备金透明度长期受到质疑。技术特性使稳定币极易被用于非法活动，它的交易匿名性强、地址可随意生成，缺乏有效 的客户身份识别入口。 2025年1月至10月，全国已查处47起稳定币相关诈骗案件，涉案金额高达56亿元。虚拟货币已 ...

Core Viewpoint - The recent regulatory updates in China's financial sector focus on the introduction of commercial real estate investment trusts (REITs) and enhanced customer due diligence measures, aiming to optimize compliance management and support the real economy. Regulatory Highlights - The China Securities Regulatory Commission (CSRC) has released a draft announcement for the pilot of commercial real estate REITs, marking a significant step after five years of exploration in the REITs market, which has shown stable growth and a 22.46% increase in the CSI REITs total return index since 2024 [2][4][5]. - The pilot aims to activate existing commercial real estate assets and broaden equity financing channels, aligning with the new capital market policies and promoting high-quality development in the REITs market [4][5][6]. Financial Services to the Real Economy - The pilot program is seen as a milestone in enhancing the quality and efficiency of financial services to the real economy, providing standardized financial solutions for revitalizing existing assets and constructing new real estate development models [5][6]. Key Contents of the Announcement - The announcement defines commercial real estate REITs as closed-end publicly raised securities investment funds that hold commercial real estate to generate stable cash flows and distribute profits to fund shareholders [6][7]. - It outlines requirements for fund registration and operational management, emphasizing the responsibilities of fund managers and custodians [6][7][8]. Strengthening Regulatory Responsibilities - The announcement reinforces the responsibilities of regulatory bodies to monitor and manage risks associated with commercial real estate REITs, ensuring compliance with existing regulations [8][9]. Customer Due Diligence Regulations - The People's Bank of China, along with other regulatory bodies, has issued the "Measures for Customer Due Diligence and Customer Identity Information and Transaction Record Management," effective from January 1, 2026, which includes a two-year window for existing customers to complete due diligence [9][10]. - This regulation aims to enhance the anti-money laundering framework and provides detailed guidelines for financial institutions regarding customer due diligence and record-keeping [9][10][11].

Core Viewpoint - Starting January 1, 2024, individuals withdrawing cash over 50,000 yuan will no longer face blanket inquiries regarding the source of funds, as per the new management measures issued by the People's Bank of China and other departments [1][2]. Group 1: Regulatory Changes - The new management measures eliminate the requirement for individuals to register the source of funds for cash withdrawals exceeding 50,000 yuan, addressing concerns over excessive scrutiny of normal financial activities [1]. - The measures aim to balance financial security with the need to avoid over-interference in citizens' regular financial transactions, thereby enhancing service quality [1]. Group 2: Risk Management and Technology - Banks will utilize big data, AI models, and customer profiling systems to identify unusual transaction patterns, moving away from manual inquiries to data-driven risk assessments [2]. - The management measures stipulate that banks will assess risk levels before deciding whether to inquire further about a transaction, ensuring that high-risk situations receive more scrutiny while low-risk transactions are simplified [2]. Group 3: Implementation Challenges - There is a need for clear operational guidelines for bank staff to assess the risk levels of cash withdrawals effectively, which requires the establishment of standardized risk assessment models [2]. - A streamlined complaint and correction mechanism is necessary to protect customers' rights when they are adversely affected by anti-fraud measures, ensuring that security measures do not compromise service quality [2].

Core Viewpoint - The new regulations introduced by the People's Bank of China and other financial authorities focus on verifying the identity of remitters for cross-border remittances exceeding 5,000 RMB or 1,000 USD, effective from January 1, 2026, without affecting the annual foreign exchange limit of 50,000 USD for individuals [1][2][3]. Group 1: Regulatory Changes - The new regulations establish a clear verification threshold for cross-border remittances, requiring financial institutions to verify the identity of remitters for transactions above 5,000 RMB or 1,000 USD [3][4]. - The regulations emphasize a risk-based approach, mandating financial institutions to verify remitter information regardless of the transaction amount if there are reasonable suspicions of money laundering or terrorist financing [4][7]. - The responsibility of intermediary institutions is reinforced, requiring them to ensure complete transmission of remitter and recipient information and to act if information is missing or suspicious [5][6]. Group 2: Compliance and Operational Impact - The retention period for customer identity data and transaction records is extended from 5 years to 10 years, enhancing the ability to monitor and investigate transactions [5][6]. - The scope of institutions required to conduct customer due diligence has been expanded to include non-bank payment institutions and wealth management companies, reflecting a broader regulatory coverage [5][7]. - The new regulations align with existing operational processes in banks, minimizing potential disruptions in business operations as they adapt to the new requirements [3][4]. Group 3: Context and Implications - The regulations are a response to the revised Anti-Money Laundering Law, which will take effect on January 1, 2025, aiming to enhance compliance with international anti-money laundering standards [2][7]. - The introduction of these regulations is expected to increase compliance costs for financial institutions in the short term but is anticipated to contribute to the overall stability of the market in the long run [7]. - The rise of illegal foreign exchange activities, particularly involving virtual currencies like Tether (USDT), highlights the need for stricter regulations to combat illicit financial flows [8].

跨境汇款大变革！ 近日，中国人民银行、国家金融监督管理总局、中国证监会联合发布《金融机构客户尽职调查和客户身份资料及交易记录保存管理办法》（下称《管理办 法》）。 明确自2026年1月1日起，针对跨境汇款业务，单笔人民币5000元或外币等值1000美元以上汇款，需核实汇款人信息的准确性。 新规发布后，不少公众关心：这是否意味着跨境汇款更困难了？个人每年5万美元的购汇额度是否会受影响？ 多位银行业内人士对21世纪经济报道记者表示，该规定核心是"核实"而非"限制"，旨在防范非法资金流动，不会对正常跨境汇款形成阻碍，个人5万美元 的年度便利化额度政策保持不变。 强化反洗钱，不涉及外汇额度调整 《管理办法》的制定背景是新修订的《反洗钱法》自2025年1月1日起正式施行。为落实法律要求、应对国际反洗钱评估，三部门联合出台该办法，进一步 规范金融机构客户尽职调查、客户身份资料及交易记录保存等行为。 值得明确的是，此次政策调整聚焦于反洗钱监管，并不涉及个人外汇额度的调整。 "5000元/1000美元的核查门槛，是人民银行主导的反洗钱政策，核心是加强交易身份信息的核实与传递，防范洗钱风险；而5万美元便利化额度是外汇管 理政策 ...

Core Points - The new regulations aim to enhance anti-money laundering measures rather than restrict cross-border remittances, with a focus on verifying sender information for transactions above 5,000 RMB or 1,000 USD starting January 1, 2026 [1][2][5] Group 1: Regulatory Changes - The new regulations are a response to the revised Anti-Money Laundering Law, which will take effect on January 1, 2025, and are designed to meet international anti-money laundering standards [3][5] - The regulations establish a clear verification threshold for cross-border remittances, requiring financial institutions to verify sender identity for transactions exceeding 5,000 RMB or 1,000 USD [6][7] - The regulations emphasize a risk-based approach, allowing institutions to verify sender information regardless of transaction amount if there are reasonable suspicions of money laundering or terrorist financing [6][7] Group 2: Institutional Responsibilities - Financial institutions acting as intermediaries in cross-border remittances must fully transmit sender and recipient information and can suspend or refuse transactions if information is missing or suspicious [7][8] - The retention period for customer identity and transaction records has been extended from 5 years to 10 years, enhancing data availability for monitoring and investigation [7][9] - The scope of institutions required to conduct customer due diligence has been expanded to include non-bank payment institutions and wealth management companies [7][9] Group 3: Impact on Illegal Currency Exchange - The regulations aim to combat illegal currency exchange practices, which have become increasingly sophisticated, often involving complex methods to evade detection [8][9] - Recent cases have highlighted the use of virtual currencies, such as Tether (USDT), in illegal cross-border exchanges, with some cases involving transaction amounts exceeding 1 billion RMB [9][10] - Judicial cases have demonstrated a commitment to cracking down on illegal currency exchange, with significant penalties imposed for those involved in such activities [10]

跨境汇款大变革！ 近日，中国人民银行、国家金融监督管理总局、中国证监会联合发布《金融机构客户尽职调查 和客户身份资料及交易记录保存管理办法》（下称《管理办法》）。 明确自2026年1月1日起，针对跨境汇款业务，单笔人民币5000元或外币等值1000美元以 上汇款，需核实汇款人信息的准确性。 新规发布后，不少公众关心： 这是否意味着跨境汇款更困难了？个人每年5万美元的购汇额度 是否会受影响？ 多位银行业内人士对21世纪经济报道记者表示， 该规定核心是"核实"而非"限制"，旨在防范 非法资金流动，不会对正常跨境汇款形成阻碍，个人5万美元的年度便利化额度政策保持不 变。 记者丨郭聪聪 编辑丨杨希 强化反洗钱，不涉及外汇额度调整 《管理办法》的制定背景是新修订的《反洗钱法》自2025年1月1日起正式施行。为落实法律要 求、应对国际反洗钱评估，三部门联合出台该办法，进一步规范金融机构客户尽职调查、客户 身份资料及交易记录保存等行为。 构建以风险为导向的监管体系 《管理办法》在跨境汇款监管层面，主要呈现以下四大核心变化： 值得明确的是，此次政策调整聚焦于反洗钱监管，并不涉及个人外汇额度的调整。 "5000元/1000美元 ...

Core Viewpoint - The Yan'an branch of the People's Bank of China has imposed penalties on the Yan County Rural Credit Cooperative for violations related to anti-money laundering and payment settlement regulations, resulting in a fine of 324,080 yuan [1][4]. Group 1: Penalties Imposed - The Yan County Rural Credit Cooperative received a warning and a fine of 324,080 yuan for violating anti-money laundering, currency, treasury, and payment settlement management regulations [1][4]. - Yang Mosheng, the then chairman of the Yan County Rural Credit Cooperative, was fined 12,000 yuan for being responsible for the cooperative's violations of anti-money laundering regulations [1][4]. Group 2: Regulatory Authority - The penalties were issued by the Yan'an branch of the People's Bank of China, with the administrative decision made public on November 24, 2025 [3][6].

Core Viewpoint - The recent reform in the financial sector allows for the cancellation of the requirement for individuals to register the source of funds for cash withdrawals exceeding 50,000 yuan, effective January 1, 2026, transitioning to a risk-based management approach [1][3][12]. Summary by Sections Regulatory Changes - The People's Bank of China, along with the National Financial Regulatory Administration and the China Securities Regulatory Commission, issued the "Measures for Customer Due Diligence and Customer Identity Information and Transaction Record Management" [3]. - The new measures eliminate the previous requirement for individuals to register the source of funds for cash withdrawals over 50,000 yuan, aligning with public feedback and maintaining a focus on anti-money laundering and counter-terrorism financing [1][3][12]. Risk-Based Approach - Financial institutions are required to identify and verify customer identities based on risk levels, implementing enhanced due diligence for high-risk scenarios while simplifying procedures for low-risk situations [3][4]. - The measures emphasize a risk-based due diligence principle, balancing the need for financial security with service convenience [4][5][12]. Implementation and Compliance - Financial institutions must continuously monitor and assess customer risk profiles and transaction activities, with annual reviews for the highest risk clients [4][9]. - The measures apply to various financial entities, including banks, securities firms, insurance companies, and non-bank payment institutions, ensuring a comprehensive approach to customer due diligence [4][5]. Public Response and Impact - The reform aims to improve customer experience by reducing unnecessary inquiries for low-risk transactions, while still allowing for scrutiny in cases of suspicious activities [8][11]. - The changes are seen as a significant shift from a one-size-fits-all approach to a more nuanced, risk-sensitive framework, potentially leading to a more efficient allocation of resources and reduced operational costs for financial institutions [12][13].

Core Viewpoint - The newly released "Measures for the Management of Customer Due Diligence and Customer Identity Information and Transaction Record Keeping by Financial Institutions" aims to reduce the compliance burden and costs for individuals, effective from January 1, 2026 [2][3]. Group 1: Policy Changes - The new regulation allows banks to forgo understanding and recording the source or purpose of cash deposits or withdrawals exceeding 50,000 RMB or 10,000 USD, focusing instead on basic customer identity verification [2]. - This adjustment addresses public dissatisfaction with previous requirements that forced individuals to justify their financial activities, which complicated banking processes and hindered effective financial support for the real economy [2][3]. Group 2: Economic Implications - The revised measures are expected to stimulate private sector vitality and lower operational costs within the economy, reinforcing respect for private property rights and enhancing public confidence [3][4]. - The policy emphasizes that public cooperation with anti-money laundering efforts should not compromise the integrity of property rights and should follow principles of minimizing economic and social costs [3][5]. Group 3: Governance and Compliance - A robust governance framework is necessary to ensure that the principles of serving the public and reducing costs are embedded in legislative and enforcement practices [4][5]. - The decision-making process should involve a cost-sharing mechanism where those who legislate and enforce also bear the associated costs and responsibilities, promoting accountability and effective governance [5].