Core Points - Starting from August 1, 2025, cash transactions exceeding 100,000 RMB for purchasing precious metals or gemstones must be reported [2] - The new regulations apply to a wide range of institutions in the precious metals and gemstones industry, including jewelry stores, pawnshops, and recyclers [2] - Consumers making cash purchases over 100,000 RMB will need to provide identification and the purpose of the purchase, and the transaction must be reported to regulatory authorities within five working days [2][5] Industry Impact - The implementation of the regulations will lead to stricter oversight across the entire precious metals and gemstones sector [2] - Transactions made via credit cards or mobile payments are not subject to the 100,000 RMB limit, allowing consumers to transact without restrictions [4][6] - The regulations primarily target suspicious transactions, such as frequent large cash transactions or unclear identity information [5][6] Consumer Guidance - Consumers are not required to worry as long as the source of funds is legitimate and they comply with the registration process for cash transactions over 100,000 RMB [5] - Institutions are obligated to verify customer information to ensure the legality and safety of transactions, with potential penalties for non-compliance [6]

Group 1 - The new regulations effective from August include the implementation of a revised "Occupational Disease Classification and Catalog," which expands the categories from 10 to 12 and increases the total number of occupational diseases from 132 to 135, adding new categories for musculoskeletal diseases and mental disorders [3] - A new anti-money laundering regulation requires reporting of cash transactions exceeding 100,000 RMB or equivalent foreign currency, mandating institutions to submit large transaction reports within five working days [3] - The "Cybersecurity Incident Reporting Management Measures" will standardize the reporting of cybersecurity incidents in the financial sector, requiring institutions to report significant incidents to the People's Bank of China [3]

Core Points - The article discusses the implementation of the "Management Measures for Anti-Money Laundering and Anti-Terrorist Financing in the Precious Metals and Gemstone Industry" by the People's Bank of China, effective from August 1, which aims to strengthen anti-money laundering regulations in this sector [1][2][6] Group 1: Regulatory Changes - The threshold for reporting large cash transactions has been raised from 50,000 RMB to 100,000 RMB, requiring institutions to report any single or cumulative cash transactions that meet or exceed this amount [2][6] - The new regulations apply to all entities engaged in precious metals and gemstones trading within China, regardless of the scale of their operations [2][3] Group 2: Customer Due Diligence - Institutions are required to conduct thorough customer due diligence for cash transactions reaching or exceeding 100,000 RMB, including verifying customer identity and monitoring transaction patterns [3][6] - Records of transactions and customer identity must be retained for at least 10 years after the business relationship ends [3] Group 3: Industry Characteristics and Risks - The precious metals and gemstones industry is identified as a high-risk area for money laundering and terrorist financing due to its high value density, liquidity, and the potential for anonymous transactions [4][6] - Experts emphasize that the new regulations will help fill existing regulatory gaps and enhance financial risk prevention in the industry [4][6] Group 4: Future Implications - The implementation of these measures is seen as a response to international standards and a necessary step to maintain financial security in China [7] - Ongoing attention is needed to ensure compliance among small and medium-sized enterprises and to adapt to evolving money laundering techniques [7]

Core Viewpoint - The People's Bank of China has issued a notice regarding the implementation of the "Anti-Money Laundering and Counter-Terrorist Financing Management Measures for Precious Metals and Gemstone Practitioners" [1] Group 1: Customer Due Diligence Requirements - Practitioners must diligently adhere to the "Know Your Customer" principle based on customer characteristics and transaction activities, particularly in cases where: - The transaction amount is 100,000 RMB or more (including 100,000 RMB) or equivalent foreign currency cash transactions [1] - There are reasonable grounds to suspect that the customer and their transactions are involved in money laundering activities [1] - There are doubts regarding the authenticity, validity, or completeness of previously obtained customer identity information [1] - Practitioners are required to complete customer due diligence before or after the transaction based on the customer's money laundering risk status [1]