Core Viewpoint - The People's Bank of China has officially released the "Management Measures for Anti-Money Laundering and Anti-Terrorist Financing for Precious Metals and Gemstone Practitioners," which will come into effect on August 1, 2025, marking a systematic establishment of anti-money laundering requirements in the precious metals and gemstones trading sector [1][4]. Group 1: Regulatory Framework - The new regulations encompass all domestic institutions engaged in the spot trading of precious metals and gemstones, requiring them to adhere to strict anti-money laundering obligations when cash transactions reach or exceed RMB 100,000 or its equivalent in foreign currency [4]. - The regulations emphasize the importance of "customer due diligence," mandating institutions to effectively identify and verify customer identities and understand the purpose and source of funds for transactions [4][5]. - The People's Bank of China retains the authority to adjust the cash transaction reporting threshold based on changes in money laundering risks, indicating that the current RMB 100,000 standard may not be fixed [4][5]. Group 2: Role of Industry Self-Regulation - Industry self-regulatory organizations, such as the Shanghai Gold Exchange and the China Jewelry Association, are tasked with establishing an "industry anti-money laundering self-regulatory mechanism" under the guidance of the People's Bank of China [4]. - This self-regulatory mechanism will be responsible for developing industry standards, organizing risk alerts and training, coordinating suspicious transaction reporting, and evaluating member institutions [4]. Group 3: Risk-Based Supervision - The regulations adopt a "risk-based" supervisory principle, allowing the People's Bank of China to assess the money laundering risk levels of institutions and implement differentiated regulatory measures [5]. - Institutions are required to establish their own risk assessment mechanisms, conducting comprehensive evaluations at least every three years and performing special assessments before launching new products or services [5]. - Customer due diligence is highlighted as a core defense, requiring institutions to initiate due diligence when cash transactions are suspected of being related to money laundering or when there are doubts about customer identities [5].