Core Viewpoint - The People's Bank of China has issued a new regulation aimed at anti-money laundering and counter-terrorism financing for precious metals and gemstones trading institutions, effective from August 1, requiring compliance for cash transactions exceeding 100,000 RMB or equivalent foreign currency [1][2]. Group 1: Regulatory Requirements - Institutions must submit a large transaction report to the Anti-Money Laundering Monitoring and Analysis Center within five working days for cash transactions of 100,000 RMB or more [2]. - The regulation defines precious metals as gold, silver, platinum, and related products, while gemstones include diamonds and jade [2][3]. Group 2: Risk Management - Institutions are required to conduct customer due diligence based on the "Know Your Customer" principle, especially for transactions exceeding 100,000 RMB or when there are suspicions of money laundering [3]. - Institutions must not provide services to unidentified clients or those using false identities and must take immediate action if invalid identification is detected [4]. Group 3: Risk Assessment - Institutions are mandated to regularly assess their exposure to money laundering risks, with evaluations not exceeding three years, and must reassess when significant changes occur in operations or environment [4]. - Prior to launching new products or services, institutions should evaluate the potential money laundering risks associated with these changes [4].