关于客户尽职调查的目的和意义，业内人士表示，客户尽职调查是金融机构履行反洗钱义务的核心环 节，也是识别异常情形、阻断洗钱活动的重要防线。 随着对洗钱及相关犯罪的监测和打击力度不断增强，犯罪分子利用金融渠道进行洗钱的方式更加复杂、 隐蔽。业内专家表示，在实际案例中，不法分子组织批量开户、控制他人银行和第三方支付账户转移资 金、安排人员多次分散取现，并通过伪装业务场景、分拆交易、复杂化资金流转路径等规避监测打击， 这无疑对金融机构反洗钱工作提出了更高要求。 中国人民银行、金融监督管理总局、中国证监会11月28日发布《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》。专家表示，管理办法围绕"基于风险"的核心原则，要求金融机构根据客户 特征和交易活动的性质、风险状况开展客户尽职调查，避免采取与洗钱风险状况明显不匹配的措施，平 衡好洗钱风险防控和优化金融服务的关系。 基于风险开展客户尽职调查 关于管理办法中的"基于风险开展客户尽职调查"，业内人士表示，既包括金融机构对较低洗钱风险采取 简化措施，也包括对涉及较高洗钱风险的情形采取强化尽职调查措施。 例如，在银行网点的日常业务中，领取养老金的社保账户常被视为典 ...

Core Viewpoint - The new requirements for customer due diligence by financial institutions aim to balance risk prevention and service optimization, effective from January 1, 2026 [1][2]. Group 1: Regulatory Framework - The People's Bank of China, the Financial Regulatory Administration, and the China Securities Regulatory Commission have released guidelines for customer due diligence and transaction record management [1]. - The guidelines emphasize the need for financial institutions to "know your customer" to identify suspicious activities and prevent money laundering [1][2]. Group 2: Risk-Based Approach - The management measures are based on a "risk-based" principle, requiring institutions to tailor their due diligence efforts according to customer characteristics and transaction risks [3]. - Institutions are encouraged to implement simplified measures for low-risk scenarios while applying enhanced measures for high-risk situations [3]. Group 3: Balancing Security and Convenience - There is a challenge in balancing financial security with customer convenience, as some clients express dissatisfaction with excessive inquiries during transactions [4]. - The guidelines aim to address this issue by clarifying the specific requirements and scope of customer due diligence, moving away from rigid cash transaction thresholds [5]. Group 4: Technological Integration - Experts suggest that financial institutions should leverage technology to enhance risk monitoring capabilities while maintaining a customer-friendly approach [5].

（原标题：三部门完善金融机构客户尽职调查管理办法 明年1月1日起施行，强调"基于风险"原则） 证券时报记者 贺觉渊 11月28日，中国人民银行、国家金融监督管理总局、中国证券监督管理委员会联合发布《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》（以下简称《管理办法》），自2026年1月1日起施 行。《管理办法》围绕"基于风险"的核心原则，要求金融机构根据客户特征和交易活动的性质、风险状 况开展客户尽职调查，避免采取与洗钱风险状况明显不匹配的措施。 客户尽职调查是金融机构履行反洗钱义务的核心环节，也是识别异常情形、阻断洗钱活动的重要防线。 在客户尽职调查中如何适当平衡安全与便利，是当前金融治理不可回避的问题——单位和个人往往希望 客户尽职调查等工作越"无感"越好；与此同时，监管部门每年收到大量关于银行尽职调查不到位导致客 户资金被骗或者遭受其他损失的投诉。 《管理办法》提出，在业务关系存续期间，应当持续关注并评估客户整体状况及交易情况，了解客户的 洗钱、恐怖融资风险。涉及较高洗钱、恐怖融资风险的，应当采取相应的强化尽职调查措施，必要时可 以采取与风险相匹配的洗钱风险管理措施。涉及较低洗钱、恐怖融资 ...

Core Viewpoint - The central theme of the news is the release of the "Management Measures for Customer Due Diligence and Management of Customer Identity Information and Transaction Records" by the central bank, which emphasizes a risk-based approach to customer due diligence in financial institutions to balance anti-money laundering efforts with the optimization of financial services [1][3]. Group 1: Regulatory Framework - The new regulations require financial institutions to conduct customer due diligence based on customer characteristics and the nature of transactions to avoid mismatched measures against money laundering risks [1]. - The regulations aim to address complaints about excessive questioning by banks during cash withdrawals, which have raised social concerns [1][2]. Group 2: Distinction Between Anti-Money Laundering and Anti-Fraud - Industry experts highlight the differences between anti-money laundering (AML) and anti-fraud measures, noting that AML is governed by the Anti-Money Laundering Law, while anti-fraud efforts are based on the Anti-Telecom Network Fraud Law [1][2]. - The mechanisms for AML and anti-fraud differ, with AML focusing on customer due diligence and transaction monitoring, while anti-fraud measures are more reactive [2]. Group 3: Risk-Based Approach - The central bank emphasizes a "risk-based" principle in conducting customer due diligence, allowing for simplified measures for lower-risk situations and enhanced scrutiny for higher-risk scenarios [3][4]. - For example, pension accounts for elderly clients are often considered low-risk, requiring only basic identity verification, while unusual transaction patterns in a student's account may trigger further investigation [3][4]. Group 4: Importance of Customer Due Diligence - Customer due diligence is identified as a core component of financial institutions' obligations to combat money laundering and is crucial for identifying suspicious activities [4][5]. - The complexity and concealment of money laundering methods necessitate rigorous customer due diligence to prevent financial crime [5]. Group 5: Privacy Concerns - Experts assert that customer due diligence, aimed at protecting public interest, does not conflict with personal privacy rights [6][7]. - Financial institutions are required to gather necessary customer information within reasonable limits to prevent misuse of the financial system, aligning with international standards [6][7]. Group 6: Balancing Security and Convenience - The challenge of balancing security and convenience in financial services is highlighted, with the new regulations aiming to address this tension by promoting a risk-based approach [8]. - The management measures encourage financial institutions to provide services while ensuring adequate security against money laundering and related crimes [8].

11月28日，金融机构客户尽职调查的最新要求出炉，涉及多项金融业务，引起公众普遍关注。如何客观看待办理业务时银行的各种询问？金 融机构该怎样平衡好风险防控和优化服务？ 指导金融机构"了解你的客户" 28日，中国人民银行、金融监管总局、中国证监会对外公布了《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》，指导金 融机构合理、有效开展客户尽职调查，并自2026年1月1日起施行。 当前，不法分子利用金融渠道洗钱的方式日趋复杂隐蔽。客户尽职调查，就是要求金融机构"了解你的客户"，识别异常情形、阻断洗钱活 动。 根据管理办法，商业银行等金融机构和从事汇兑业务的机构，为客户开立账户或者提供规定金额以上的一次性金融服务，应当开展客户尽职 调查，并登记客户身份基本信息。 "仅凭借留存的客户身份信息和后台资金监测，银行难以及时、准确地发现可疑客户和交易。有时也需要询问客户办理业务的目的、资金来源 用途等信息，以准确判断客户交易是否正常、合理。"西南财经大学中国金融研究院副院长董青马说。 在专家看来，这既是金融机构审慎经营的需要，也有助于防范金融风险、维护群众切身利益。 也正是基于此，在反洗钱工作起步较早的国家和地区 ...

Core Viewpoint - Bitcoin has experienced a significant decline, dropping from approximately $125,000 in early October to around $80,000, a decrease of nearly 35%. The entire cryptocurrency market has lost about $1 trillion in market capitalization, reflecting a 24% drop. The current price recovery to above $90,000 is still uncertain due to various macroeconomic and regulatory pressures [1][2][21]. Market Dynamics - The recent sell-off of Bitcoin has occurred in tandem with declines in the U.S. stock market and other risk assets, indicating a loss of its status as a safe-haven asset. The correlation between Bitcoin and the Nasdaq 100 index has reached 46%, while its correlation with the S&P 500 index is at 42% [2][5]. - Traditional safe-haven assets like gold and U.S. Treasury bonds have outperformed Bitcoin during periods of macroeconomic uncertainty, suggesting a shift in investor sentiment [5]. Federal Reserve Influence - There is a strong negative correlation between Bitcoin prices and Federal Reserve interest rates, with historical data showing a correlation of -90% during the Fed's rate hike cycle in 2022. Recent hawkish comments from Fed officials have triggered market panic, leading to significant price drops for Bitcoin [6][7]. Regulatory Environment - The lack of regulatory clarity has dampened market confidence. The stalled progress of the CLARITY Act in the Senate is seen as a setback for the cryptocurrency market, with expectations that it may not be signed into law until 2026 [8][9]. - The absence of regulatory momentum is hindering institutional investor participation and market liquidity [9]. Institutional Behavior - Institutional funds that previously supported Bitcoin's bull market are now exiting, creating a negative feedback loop where price declines lead to liquidity shortages, further exacerbating price drops [10][11][16]. - Recent data indicates significant outflows from U.S. spot Bitcoin ETFs, contrasting sharply with earlier inflows [13]. Long-term Holder Activity - Long-term holders, typically seen as market stabilizers, have begun to sell off their Bitcoin holdings, with over 800,000 Bitcoins sold in the past month, marking the highest level of selling since January 2024. This has increased market supply and severely impacted market confidence [17][18][19]. Future Outlook - The path to recovery for Bitcoin is fraught with uncertainty, heavily reliant on regulatory clarity, particularly regarding the CLARITY Act, and the adoption of stablecoins by mainstream institutions to enhance market liquidity [22]. Additionally, growing interest from governments and central banks in crypto assets may provide new long-term support for the market [23].

Core Viewpoint - The article discusses the implementation of the "Management Measures for Customer Due Diligence and Customer Identity Information and Transaction Record Keeping" by Chinese regulatory authorities, which will take effect on January 1, 2026, to enhance anti-money laundering (AML) practices in financial institutions [1]. Group 1: Regulatory Framework - The new measures were developed after extensive consultation with various stakeholders, including financial institutions, and reference to international AML standards [2]. - The core principle of the measures is "risk-based," requiring financial institutions to conduct customer due diligence based on customer characteristics and transaction activities to avoid mismatched measures against money laundering risks [3][5]. Group 2: Customer Due Diligence - Customer due diligence is emphasized as a critical component of AML obligations, with specific requirements for different risk scenarios, including simplified measures for low-risk situations and enhanced measures for high-risk cases [6][7]. - Financial institutions are required to continuously monitor and assess customer status and transaction activities throughout the business relationship [3][6]. Group 3: Balancing Security and Convenience - The measures aim to balance security and convenience in customer due diligence, addressing the tension between regulatory requirements and customer experience [2][5]. - Financial institutions must take reasonable steps to verify customer identities and transaction purposes, especially when unusual or high-risk transactions occur [4][6]. Group 4: Information Security and Privacy - The article highlights the importance of information security and personal data protection in the context of AML efforts, with strict confidentiality requirements for customer identity and transaction information [8][9]. - The measures reflect a need for financial institutions to operate within reasonable limits while gathering customer information to prevent misuse of the financial system [8].

Core Viewpoint - The newly released "Management Measures for Customer Due Diligence and Customer Identity Information and Transaction Record Retention" by Chinese regulatory authorities aims to enhance anti-money laundering (AML) practices in financial institutions, emphasizing a risk-based approach to customer due diligence, effective from January 1, 2026 [1][2][3]. Group 1: Regulatory Framework - The "Management Measures" were developed after extensive consultation with various stakeholders, including financial institutions, and reference to international AML standards [1]. - The measures require financial institutions to conduct customer due diligence based on the characteristics of customers and the nature of their transactions, avoiding mismatched measures against money laundering risks [3][4]. Group 2: Risk-Based Approach - The core principle of the measures is to balance safety and convenience by implementing a risk-based approach to customer due diligence [2][3]. - Financial institutions are mandated to continuously monitor and assess the overall status and transaction activities of customers, adjusting due diligence measures according to the identified risks [3][6]. Group 3: Implementation Guidelines - For low-risk scenarios, simplified due diligence measures are permitted, while high-risk situations require enhanced due diligence [3][6]. - Specific examples illustrate that routine transactions with clear income sources may not require extensive verification, whereas unusual large transactions necessitate further scrutiny [4][6]. Group 4: Information Security and Privacy - The measures emphasize the importance of information security and personal data protection, mandating confidentiality for customer identity and transaction information obtained during due diligence [8][9]. - The approach aligns with international practices, where customer due diligence is more stringent, particularly in high-risk situations [8][9].

为落实《反洗钱法》有关要求，有效应对反洗钱国际评估，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行为，11月28日，中国人民银行、国家 金融监督管理总局、中国证券监督管理委员会正式发布《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》），自2026年1 月1日起施行。 前期，《管理办法》在制定过程中广泛征求了包括金融机构在内的各界意见，并参考相关反洗钱国际标准和国内实践，进一步完善了金融机构客户尽职调查的相关 规定。 在客户尽职调查中如何适当平衡安全与便利，是当前金融治理不可回避的问题——单位和个人往往希望客户尽职调查等工作越"无感"越好；与此同时，监管部门每 年收到大量关于银行尽职调查不到位导致客户资金被骗或者遭受其他损失的投诉。 业内人士指出，本次《管理办法》强调"基于风险"开展客户尽职调查，正是从监管层面对这一矛盾作出的制度性回应，推动金融机构在提供金融服务时更加充分、 合理地兼顾安全和便利。 围绕"基于风险"原则平衡安全与便利 今年1月1日，新修订的《反洗钱法》正式施行，突出基于风险开展客户尽职调查的工作导向。本次《管理办法》围绕"基于风险"的核心原则，要求金融机构 ...

专家表示，管理办法围绕"基于风险"的核心原则，要求金融机构根据客户特征和交易活动的性质、风险状况开展客户尽职调查，避免采取与洗钱风险状况 明显不匹配的措施，平衡好洗钱风险防控和优化金融服务的关系。 中国人民银行、金融监督管理总局、中国证监会11月28日发布《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》。 "此时银行就需要多加关注，采取措施了解、核实交易背景，一旦有合理理由怀疑涉嫌洗钱和相关犯罪的情况，需要及时依法采取相关措施。"上述工作人 员说。 关于客户尽职调查的目的和意义，业内人士表示，客户尽职调查是金融机构履行反洗钱义务的核心环节，也是识别异常情形、阻断洗钱活动的重要防线。 随着对洗钱及相关犯罪的监测和打击力度不断增强，犯罪分子利用金融渠道进行洗钱的方式更加复杂、隐蔽。业内专家表示，在实际案例中，不法分子组 织批量开户、控制他人银行和第三方支付账户转移资金、安排人员多次分散取现等做法并不鲜见。通过伪装业务场景、分拆交易、复杂化资金流转路径 等，规避监测打击。这无疑对金融机构反洗钱工作提出了更高要求。 在类似上述的较高风险情形下，金融机构仅凭借留存的客户身份信息和后台资金监测，难以及时、准确 ...