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（征求意见稿）》（以下简称《管理办法》），面向社会公开征求意见，截止日期为9月3日。 这份新规中最引人注目的变化是： 取消了2022年版监管规则中关于个人办理单笔5万元以上现金存取业务需"了解并登记资金来 源或用途"的硬性要求。 此外， 在为客户提供现金汇款、实物贵金属买卖等一次性交易金额业务超过5万元的，金融机构仍需开展尽职调查，并登记客户 身份基本信息，留存客户有效身份证件或者其他身份证明文件的复印件或者影印件。 这一规定在当时引发了社会广泛关注，"个人存取现金超5万元需登记资金来源或用途"迅速登上热搜。部分网友认为此举增加了 业务办理的繁琐性，担忧可能侵犯个人隐私；而支持者则认为这是打击洗钱犯罪、维护金融安全的必要手段。 央行相关部门负责人当时回应称，统计数据显示超过5万元的现金存取业务仅占全部现金存取业务的2%左右，因此该规定对绝 大多数客户影响有限，且不会降低业务便利性。该办法原定于2022年3月1日实施，而在当年2月21日，三部门发布公告，宣 布"因技术原因"暂缓实施，相关业务按原规定 ...

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征求意见稿。 这份新规中最引人注目的变化是：取消了2022年版监管规则中关于个人办理单笔5万元以上现金存取业务 需"了解并登记资金来源或用途"的硬性要求。 每日经济新闻消息，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（征求意见稿）》（以下简称《管理办法》），面向社 会公开征求意见。该征求意见稿已于8月4日起向社会公开征集意见，截止日期为9月3日。 据报道，2022年，针对自然人客户单笔存取5万元以上现金的反洗钱监管规则，曾引发广泛社会争议。 2022年1月，三部门曾发布《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》（中国人 民银行银保监会证监会令〔2022〕第1号）。该办法第十条曾明确规定：商业银行等金融机构为自然人客 户办理人民币单笔5万元以上现金存取时，"应当识别并核实客户身份，了解并登记资金的来源或者用 途。" 这一规定在当时引发了社会广泛关注，"个人存取现金超5万元需登记资金来源或用途"迅速登上热搜。公 众意见呈现分歧：部分声音认为此举增加了业务办理的繁 ...

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（征求意见稿）》（以下简称《管理办法》），面向社会公开征求意见。该征求意见稿已于8月4日起向社会公开征集 意见，截止日期为9月3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 征求意见稿 这份新规中最引人注目的变化是：取消了2022年版监管规则中关于个人办理单笔5万元以上现金存取业务需"了解并登记资金来 源或用途"的硬性要求。 此外，在为客户提供现金汇款、实物贵金属买卖等一次性交易金额业务超过5万元的，金融机构仍需开展尽职调查，并登记客户 身份基本信息，留存客户有效身份证件或者其他身份证明文件的复印件或者影印件。 《征求意见稿》第九条 据报道，2022年，针对自然人客户单笔存取5万元以上现金的反洗钱监管规则，曾引发广泛社会争议。 这一规定在当时引发了社会广泛关注，"个人存取现金超5万元需登记资金来源或用途"迅速登上热搜。公众意见呈现分歧：部分 声音认为此举增加了业务办理的繁琐性，甚至担忧可能侵犯个人隐私；而支持者则认为这是打击洗钱犯罪、维护金融安全的必 要手段。 央行相关部 ...

Core Viewpoint - The People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission have jointly released a draft regulation for public consultation regarding customer due diligence and the management of customer identity information and transaction records, with a focus on easing previous stringent cash transaction requirements [1][2]. Group 1: Regulatory Changes - The most notable change in the new regulation is the removal of the mandatory requirement for individuals to "understand and register the source or purpose of funds" for cash transactions exceeding 50,000 yuan, as stipulated in the 2022 version of the regulatory rules [2][4]. - Financial institutions are still required to conduct due diligence and register basic customer identity information for one-time transactions exceeding 50,000 yuan, including retaining copies of valid identification documents [2][4]. Group 2: Background and Controversy - The previous regulation, which mandated that financial institutions verify the source of funds for cash transactions over 50,000 yuan, sparked widespread public debate and concern regarding privacy and the complexity of transaction processes [3][4]. - The initial implementation of the 2022 regulation was postponed due to technical reasons, despite the fact that transactions over 50,000 yuan accounted for only about 2% of all cash transactions, indicating limited impact on most customers [4]. Group 3: Balancing Compliance and Customer Experience - Financial institutions face the challenge of balancing anti-money laundering due diligence requirements with customer experience and privacy protection [5]. - Experts suggest that banks can enhance customer experience by optimizing processes, applying digital tools to replace manual steps, and strictly protecting customer privacy by adhering to the principle of collecting only necessary information [5].

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（征求意见稿）》（以下简称《管理办法》），面向社会公开征求意见。该征求意见稿已于8月4日起向社会公开征集 意见，截止日期为9月3日。 此外，在为客户提供现金汇款、实物贵金属买卖等等一次性交易金额业务超过5万元的，金融机构仍需开展尽职调查，并登记客 户身份基本信息，留存客户有效身份证件或者其他身份证明文件的复印件或者影印件。 《征求意见稿》第九条 据报道，2022年，针对自然人客户单笔存取5万元以上现金的反洗钱监管规则，曾引发广泛社会争议。 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 征求意见稿 这份新规中最引人注目的变化是：取消了2022年版监管规则中关于个人办理单笔5万元以上现金存取业务需"了解并登记资金来 源或用途"的硬性要求。 央行相关部门负责人当时回应称，统计数据显示超过5万元的现金存取业务仅占全部现金存取业务的2%左右，因此该规定对绝 大多数客户影响有限，且不会降低业务便利性。然而，该办法原定于2022年3月1日实施，但在当年2月21日，三部门发布公告， 宣布"因技 ...

每经编辑｜陈柯名 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（征求意见稿）》 （以下简称《管理办法》），面向社会公开征求意见。该征求意见稿已于8月4日起向社会公开征集意见，截止日期为9月3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 征求意见稿 据报道，2022年，针对自然人客户单笔存取5万元以上现金的反洗钱监管规则，曾引发广泛社会争议。 2022年1月，三部门曾发布《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》（中国人民银行银保监会证监会令〔2022〕第1号）。该办 法第十条曾明确规定：商业银行等金融机构为自然人客户办理人民币单笔5万元以上现金存取时，"应当识别并核实客户身份，了解并登记资金的来源或者 用途。" 这份新规中最引人注目的变化是：取消了2022年版监管规则中关于个人办理单笔5万元以上现金存取业务需"了解并登记资金来源或用途"的硬性要求。 此外，在为客户提供现金汇款、实物贵金属买卖等等一次性交易金额业务超过5万元的，金融机构仍需开展尽职调查，并登记客户身份基本信息，留存客 户有效身份证件或 ...

Financial Data and Key Metrics Changes - The company reported an adjusted homebuilding gross margin of 18.4%, slightly up from Q2, despite challenges in the sales environment [5][21] - Book value per share increased to over $41, supported by a stock repurchase of $12.5 million [4][5] - Total liquidity at the end of Q3 exceeded $290 million, with expectations to maintain similar liquidity levels by the end of the fiscal year [24][25] Business Line Data and Key Metrics Changes - The average community count grew by 15% to 167, with 19 new communities activated [4][5] - Sales pace in Texas was disappointing at 1.3 sales per community per month, significantly below previous absorption rates [6][33] - Other markets performed in line with expectations, with notable strength in Virginia and Southern California [36][37] Market Data and Key Metrics Changes - The company noted a structural housing shortage supporting demand for new homes, despite rising inventories impacting sales [5][6] - The competitive landscape showed builders reducing home sizes and features to offer lower prices, affecting sales dynamics [7][8] Company Strategy and Development Direction - The company is committed to a differentiated product and customer experience strategy, focusing on energy efficiency and customer service [8][9] - Efforts to improve capital efficiency include increasing the option lot percentage to 60% and actively managing land portfolios [13][14] - The company aims to exceed 200 communities by the end of fiscal 2027, targeting a double-digit compound annual growth rate in community count [18][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging sales environment but expressed optimism about long-term demand due to structural housing shortages [5][6] - The company plans to slow land spending to allocate more capital towards profitability and shareholder returns [19][25] - Management expects sales to remain flat year-over-year in Q4, with a higher community count offsetting slower sales pace [22][23] Other Important Information - The company has repurchased approximately 1.5 million shares, representing about 5% of the company, with plans for continued buybacks [25][20] - Impairments were noted in two communities due to changing market conditions, but no material risk of further impairments was identified [15][17] Q&A Session Summary Question: Can you elaborate on the sales pace and pricing balance? - Management noted that demand is relatively inelastic, and confidence cannot be fixed with price adjustments. They expressed disappointment with Texas sales but expect improvements moving forward [32][33] Question: What are the current trends in labor and material costs? - Management indicated progress in reducing direct costs and improving labor availability, which should benefit profitability in 2026 [40][41] Question: What percentage of orders or closings were spec homes this quarter? - The spec count was around the high sixties percentage, with expectations for it to remain elevated in Q4 [43][44] Question: Can you discuss the drivers behind the gross margin resilience? - The resilience in gross margin was attributed to newer homes and efforts to reduce costs, despite a higher mix of spec homes [49][50] Question: What is the current average build time and potential for improvement? - Management indicated that build times have improved from COVID peaks, with further opportunities to reduce cycle times as labor availability increases [94][96]

Financial Data and Key Metrics Changes - ADT reported a record recurring monthly revenue balance of €363 million, up 2% year over year [6] - Total revenue increased by 7% to $1.3 billion, with adjusted earnings per diluted share rising by 35% to $0.23 [7][17] - Adjusted free cash flow for the first half reached $500 million, up 38% [7][16] - Customer retention remained solid with attrition at 12.8%, down 10 basis points from last year [7][46] Business Line Data and Key Metrics Changes - Monitoring and services revenue grew by 2%, driven by the record RMR balance [17] - Installation revenue increased by $60 million to $197 million, attributed to the shift towards the ADT plus platform [17] - The company added 242,000 new subscribers, contributing $14.3 million in new RMR [18] Market Data and Key Metrics Changes - The Nest Aware subscriber base surpassed 1 million, indicating strong collaboration with Google [11] - The State Farm partnership generated slightly over 30,000 subscribers, with plans for a new approach targeting prospective movers [12][26] Company Strategy and Development Direction - ADT's strategic focus includes optimizing and completing the rollout of new capabilities and offerings [8] - The company aims to enhance customer experience through innovative products like Alarm Messenger and Trusted Neighbor [9][10] - Continued investment in core monitoring capabilities and technology to ensure 100% uptime [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year 2025 objectives despite macroeconomic uncertainties [20][57] - The company is monitoring tariff pressures closely but believes it can manage exposure within guidance ranges [56] - Management remains optimistic about long-term attrition improvements and customer satisfaction metrics [49] Other Important Information - ADT completed a strategic customer portfolio acquisition of approximately 50,000 subscribers for $89 million [7] - The company returned $589 million to shareholders year-to-date through share repurchases and dividends [7][19] Q&A Session Summary Question: Bulk account purchase attractiveness - Management highlighted that the recent bulk account purchase was economically attractive due to high density and good credit scores of the accounts [24] Question: Update on State Farm partnership - Management acknowledged that subscriber growth from the State Farm partnership was below expectations but is working on a new approach focused on movers [26] Question: Incremental value from bulk purchases - Management confirmed a well-established playbook for converting bulk customers, with a focus on high-density accounts and quality equipment [32][34] Question: Trusted Neighbor product feedback - Initial feedback on the Trusted Neighbor product has been positive, with significant installation revenue reported [38] Question: Sales process optimization - Management discussed ongoing efforts to optimize sales processes, including the introduction of tech engineers for simultaneous sales and installations [43] Question: Drivers of attrition - Management provided insights into attrition drivers, noting modest increases in nonpayment cancellations and a focus on improving customer satisfaction [46][49] Question: Macro environment impact - Management described the business as resilient, with a modest increase in nonpay cancellations being monitored closely [55][57] Question: Subscriber growth and market share - Management remains bullish on core DIFM business and is making changes to compete more effectively in the DIY space [62][63]

Core Insights - Riyadh Air has entered into a strategic partnership with Blacklane to offer luxury transportation services to its international passengers [1][5] - The collaboration allows eligible travelers to enjoy complimentary high-end car services within a 50-kilometer radius of King Khalid International Airport [1] - This service is integrated into Riyadh Air's official booking platform, enhancing the overall customer experience [1] Group 1 - The partnership was announced during the 2025 Paris Air Show, highlighting Riyadh Air's commitment to providing exceptional customer service [1] - Blacklane operates in over 50 countries and 500 cities, employing around 400 staff and thousands of partner vehicles, ensuring a seamless travel experience for Riyadh Air passengers [5] - The service includes airport transfers, intercity commutes, city rides, and hourly bookings, emphasizing convenience and luxury [5] Group 2 - Blacklane is focused on innovation in electric mobility and driver training, making strides in sustainable transportation technology [5] - The collaboration signifies a significant step for Riyadh Air in enhancing its service offerings and customer satisfaction [1][5]

Core Insights - The article emphasizes the importance of a growth mindset among leaders to drive sustainable growth and enhance shareholder returns, highlighting that high-growth companies achieve an average total shareholder return (TSR) that is 50% higher than their peers [1][2] - It identifies five key mindsets that leaders of growth-leading companies adopt: prioritizing growth, taking bold actions, being customer-centric, attracting and developing talent, and executing rigorously [3] Group 1: Commitment to Long-Term Growth - The first step in investing for growth is to establish long-term growth objectives and take action to achieve them. 72% of surveyed leaders set growth targets above industry benchmarks, but only 22% of their time is spent on long-term initiatives [4][7] - Companies that prioritize long-term growth over short-term gains tend to achieve higher revenue growth, yet many leaders struggle to allocate sufficient time and resources to long-term strategies [4][7] Group 2: Bold Actions for Growth - Bold actions involve breaking conventions and being willing to explore non-traditional growth opportunities. 83% of growth-leading companies encourage teams to experiment with new ideas and prioritize speed over perfection [8][12] - Growth-leading companies are more likely to regularly assess the progress of their growth plans and adjust resources accordingly, with a 10% higher tendency to evaluate plans monthly or quarterly [9] Group 3: Customer-Centric Approach - Optimizing customer experience is crucial for driving growth, with companies that prioritize customer experience seeing revenue growth rates twice that of their peers. 63% of leaders view customer feedback as a key source of growth ideas [13][16] - Despite recognizing the importance of customer insights, only 15% of leaders consistently incorporate customer feedback into decision-making [13][16] Group 4: Talent Development - Talent is essential for growth, yet 69% of leaders believe their organizations have significant talent gaps. Less than 8% are confident in their talent strategies to meet future growth needs [18][20] - Growth-leading companies focus on aligning talent development with growth objectives, fostering a culture that supports innovation and productivity [20] Group 5: Effective Execution - To achieve growth goals, leaders must establish a robust operational rhythm to manage growth initiatives and clarify responsibilities. Only 10% of leaders feel they have the necessary data and insights to support growth initiatives [20][21] - Successful growth transformations require consistent actions and the ability to adapt strategies based on performance evaluations and market changes [21][22]