The highly anticipated anti-money laundering regulatory rules for financial institutions have undergone significant adjustments.
Recently, the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission jointly released the (Measures for Customer Due Diligence and Management of Customer Identity Information and Transaction Records for Financial Institutions (Draft for Public Consultation)), seeking public opinions.
Compared to the anti-money laundering regulatory rules issued by three departments in 2022 (which were postponed), a notable change in this (draft for public consultation) is:
The rigid requirement for individuals to "understand and register the source or purpose of funds" when handling cash deposits or withdrawals exceeding 50,000 yuan has been canceled.
This adjustment marks a transition in China's anti-money laundering regulation from "simple threshold" management to a more refined approach that emphasizes "risk-based" strategies.
PS: After this new regulation is passed, it is expected to activate liquidity in the trading market, allowing more capital to flow in, benefiting consumption, the stock market, and the cryptocurrency sector. Of course, if legislation can further relax the personal foreign exchange transfer limits, it would be an even greater benefit. In the context of international inflation, the purchasing power of $50,000 will continue to diminish, and it is necessary to appropriately increase it.
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