前不久，央行联合金融监管总局、证监会发布了《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》，而该新规明确：从2026年起，取消 "个人存取现金超5万元需登记资金来源"的规定。对 此，有人说：终于不用再费劲解释钱的来路或用途了，以后个人存取现金隐私将会得到保护。不过也有 人会担心会不会给洗钱、电信诈骗、偷税漏税等不法行为钻了空子？ 实际上，早在2022年初，央行等三部门就出台了"个人存取现金超5万元需登记资金来源或用途"。当 时，引发了社会各界激烈的争论。而后来没过多久，央行等三部门又出公告因"技术原因"暂缓施行。而 这次央行联合其他金融监管部门，宣布取消"个人存取现金超5万元需登记资金来源"的规定，并不是监 管大放水，而是换了更高效的金融监管手段。主要有以下3个方面的理由： 第一，办理存取款业务将更加精准和高效 从表面上看，新规明确取消了"个人存取现金超5万元需登记资金来源"的规定，但实际上是在搞"差异 化"的监管模式。就是在低风险情况下，储户存取大额现金，银行就不会再多过问，这样储户可以省去 不少麻烦。而如果客户出现"异常交易"情况时，银行就一定要查清客户的资金来源和去向的。比如，小 张是大学 ...

■记者观察 银行间市场经纪业务站上分水岭 ◎记者 张欣然 与此同时，交易留痕、信息披露、通讯工具管理、利益冲突隔离等要求，虽然提高了行业的合规成本， 却也在重塑市场格局。这也意味着，能够建立稳健流程、构建透明机制的机构将获得市场信任，无法完 成合规转型的机构则可能在竞争中被淘汰。 从市场基础设施角度看，经纪业务是银行间市场看不见的枢纽，其规范化程度直接关系到债券利率能否 真实反映供需、外汇报价是否足够透明、货币市场定价是否足够稳健。此次监管升级既是补短板，也是 促发展。 不过，对相关机构而言，新规带来的真正挑战并不止于达到合规的底线，而是组织能力的再造。 首先是制度再造。机构需要将以经验驱动的交易流程制度化、标准化，明确业务边界，并强化内部隔离 机制。 其次是技术再造。实时监控、数据留痕、通讯工具实名等要求，使技术系统成为合规的基础设施，也成 为未来电子化、智能化交易的核心支撑。 最后是能力再造。经纪业务正从简单的撮合服务，走向提供定价服务、信息服务和研究服务，逐渐呈现 类智库化、类研究机构化的趋势。 随着金融监管总局和央行的两项监管新规先后落地，银行间市场经纪业务的短期阵痛与长期价值正在逐 渐显现。 在新的 ...

Core Viewpoint - The revision of the "Trust Company Management Measures" marks a significant regulatory upgrade aimed at enhancing the trust industry's risk management and operational standards, effective from January 1, 2026 [1][2][3] Summary by Sections Regulatory Framework - The revised measures serve as the core framework for the trust industry in China, complementing various existing regulations to form a comprehensive "Trust Industry Law" [1][2] Key Revisions - The revised measures consist of 8 chapters and 75 articles, addressing aspects such as company governance, risk management, and operational rules, reflecting the need for updated regulations after 18 years of the original measures [3][4] Focus on Core Business - The measures emphasize the core responsibilities of trust companies, adjusting their business scope to include asset service trusts, asset management trusts, and charitable trusts, while eliminating unrelated intermediary businesses [4][5] Strengthening Governance - The revised measures require trust companies to integrate party building with corporate governance, enhance shareholder behavior management, and establish internal assessment mechanisms to maximize beneficiaries' interests [4][6] Risk Management Enhancements - Trust companies are mandated to strengthen comprehensive risk management, focusing on compliance and operational risks, and are required to manage the entire trust business process [4][7] Regulatory Requirements - The measures increase the minimum registered capital for trust companies, enhance capital and reserve management, and implement stricter behavioral and penetrative supervision [4][8] Transition for Existing Businesses - Trust companies must identify and rectify existing businesses in line with the new measures, with the regulatory authority monitoring the progress as part of the classification supervision [7][8]

Core Viewpoint - The revision of the "Trust Company Management Measures" marks the first update in 18 years, aiming to enhance the trust industry by focusing on its core functions, deepening reforms, and effectively managing risks, with the new regulations set to take effect on January 1, 2026 [1][2]. Summary by Sections Regulatory Framework - The revised measures serve as the core framework for the trust industry in China, complementing other regulations to form a comprehensive legal structure for trust operations [1][2]. Key Revisions - The updated measures consist of 8 chapters and 75 articles, addressing various aspects such as company governance, risk management, and operational rules, reflecting the latest regulatory practices and principles [3][4]. - The revision emphasizes the trust company's role as a trustee, adjusting its business scope to focus on asset service trusts, asset management trusts, and charitable trusts, while breaking the rigid repayment model [3][5]. Business Scope Adjustments - The revised measures limit the business scope of trust companies to three main areas: trust business, proprietary asset liability business, and other services, eliminating four unrelated intermediary businesses [5][6]. Risk Management and Compliance - The measures enhance internal controls and risk management, requiring trust companies to establish clear risk governance structures and comply with comprehensive risk management practices [7]. - Trust companies are mandated to conduct annual external audits covering all business areas, ensuring compliance with the new regulations [7][8]. Transition and Rectification - Trust companies are required to identify and rectify existing business practices that do not align with the new measures, with the regulatory authority monitoring the progress of these adjustments [8].