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Registration No Longer Required for Cash Withdrawals RMB50,000+ in Mainland CN
2025-12-01 11:21:33 The People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission jointly issued the "Measures for Financial Institutions on Customer Due Diligence and Preservation of Customer Identity Information and Transaction Records", effective January 1, 2026. The document removed the requirement for "registration of the source of funds for personal cash withdrawals exceeding RMB50,000, in par with the previous draft for public consultation. The document stipulated that financial institutions should understand the source and purpose of funds when there is a higher risk of money laundering, while simplified measures are prescribed for low-risk situations. Under the new regulations, banks will no longer "uniformly" inquire of all individuals but will decide whether to ask additional questions based on the customer's risk profile. ~ AASTOCKS Financial News Website: www.aastocks.com | |