Core Points - The new regulation eliminates the requirement for banks to register the source of funds for cash withdrawals exceeding 50,000 yuan, aligning with the previous draft [1] - Banks will no longer apply a uniform questioning approach for all customers during withdrawals; instead, they will assess risk levels to determine the necessity of further inquiries [1] - In cases of high money laundering risk, banks are mandated to conduct enhanced investigations to understand the source and purpose of funds, while low-risk situations will be subject to simplified measures [1]

Core Points - The People's Bank of China has announced the implementation of the "Management Measures for Customer Due Diligence and Customer Identity Data and Transaction Record Keeping" effective from January 1, 2026 [1] - Financial institutions are required to adhere to the principle of "Know Your Customer" and must identify and verify the identity of customers and their beneficial owners [1] - Institutions must continuously monitor and assess the overall status and transaction activities of customers to understand risks related to money laundering and terrorist financing [1] Summary by Sections - **Regulatory Framework** - The new management measures were approved during the 14th executive meeting of the People's Bank of China on October 11, 2025, and have received consent from the National Financial Regulatory Administration and the China Securities Regulatory Commission [1] - **Due Diligence Requirements** - Financial institutions must take appropriate due diligence measures based on customer characteristics and the nature and risk of transaction activities [1] - Enhanced due diligence measures are required for customers with higher risks of money laundering and terrorist financing, while simplified measures can be applied for lower-risk customers [1] - **Record Keeping and Data Management** - Institutions are mandated to securely, accurately, completely, and confidentially maintain customer identity data and transaction records [1] - The records must be sufficient to reconstruct each transaction and provide necessary information for due diligence, transaction monitoring, investigation of suspicious activities, and handling of money laundering and terrorist financing cases [1]

Core Viewpoint - Recent incidents of banks questioning the purpose of cash withdrawals below 50,000 yuan in Dongying, Shandong, have raised public concern about the implementation of anti-fraud measures in banking practices [1][3] Group 1: Regulatory Changes - The People's Bank of China, along with other financial regulatory bodies, has proposed a new draft regulation that aims to relax the previous requirement for cash withdrawals over 50,000 yuan to disclose the source and purpose of funds, effective from August 4, 2025 [4][10] - The previous regulation, which mandated that cash transactions over 50,000 yuan be documented for their source and purpose, was met with criticism and is now being reconsidered to balance fraud prevention with customer convenience [9][11] Group 2: Regional Variations in Banking Practices - A survey conducted across various provinces revealed significant discrepancies in the requirements for cash withdrawals, with some banks enforcing strict verification processes for amounts as low as 10,000 yuan [5][6] - In Dongying, banks like the Industrial and Commercial Bank of China and China Construction Bank have implemented stringent measures, such as requiring identification and purpose verification for withdrawals exceeding 20,000 yuan [6][8] - Conversely, some banks in regions like Anhui and Zhejiang have higher thresholds for questioning the source of funds, with some not requiring any verification for withdrawals below 50,000 yuan [7][8] Group 3: Impact on Customers - The stringent measures are primarily aimed at protecting elderly customers from fraud, as there have been numerous cases of scams targeting this demographic [6][7] - The inconsistency in withdrawal policies across different regions may lead to confusion and frustration among customers, highlighting the need for clearer guidelines from regulatory authorities [5][6]

取消5万元现金资金来源或用途的登记，并不意味着反洗钱监管的放松。此次《征求意见稿》指出金融 机构需要根据客户特征和交易活动的性质、风险状况，采取相应的尽职调查措施，避免"一刀切"或"风 险与措施明显不匹配"。 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。规定的主要目的是预防和遏制洗 钱等违法犯罪活动，保护人民群众资金安全和利益。 今年1月1日起正式施行的《中华人民共和国反洗钱法》也专门明确了基于风险开展客户尽职调查的原 则，要求金融机构开展客户尽职调查应当根据客户特征和交易活动的性质、风险状况进行。 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)》。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。《管理办法》中取消了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。 有业内分析指出，对5万元以上的存取款业务进行精细化风险等级划分，在"落实反洗 ...

Core Points - The People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission have released a draft regulation for public consultation regarding the management of customer due diligence and the preservation of customer identity information and transaction records [1] Group 1: Regulatory Framework - The draft regulation requires trust companies to identify and verify the identity of the trustor when establishing a trust or transferring trust beneficiary rights [1] - Financial institutions must understand the source of trust assets and maintain basic identity information of the trustor and beneficiary, including copies of valid identification documents [1] Group 2: Client Identification Requirements - For clients that are legal entities or non-legal organizations, or when the funds are trust funds, financial institutions must understand the nature of the client's business, ownership, and control structure [1] - Institutions are required to take reasonable measures to verify the identity of the ultimate beneficial owners of the clients [1] Group 3: Information Gathering - Financial institutions must obtain the name, founding agreement documents, and the name and address of the trust manager when dealing with trust funds [1] - In cases where the registered location and the main operating location of the manager differ, the main operating location should be used for identification [1] - For entities registered or operating overseas, at least the country or region information must be identified and recorded [1]