Personal cash deposits and withdrawals of more than 50000 yuan need to be registered. What signal?
2022-02-09
From March, new regulations will be introduced for cash deposit and withdrawal. From March 1, 2022, the measures for the administration of customer due diligence of financial institutions and the preservation of customer identity data and transaction records issued by the central bank and other three departments will be officially implemented. The Measures stipulate that if commercial banks, rural cooperative banks, rural credit cooperatives, rural banks and other financial institutions handle a single cash deposit and withdrawal business of more than 50000 yuan or a foreign currency equivalent of more than 10000 US dollars for natural person customers, they shall identify and verify the identity of the customers, understand and register the source or purpose of the funds. Subsequently, "personal cash deposit and withdrawal of more than 50000 yuan needs to register the source of funds" boarded the microblog hot search, causing concern. Why introduce such an approach? In a word, it is for anti money laundering. In response to a reporter's question, the person in charge of relevant departments pointed out that in recent years, with the changes in financial products and business models, there have been some new challenges in the anti money laundering work of the financial industry. In order to improve China's risk prevention ability of money laundering and terrorist financing, it is necessary to further improve the anti money laundering supervision system and strengthen the anti money laundering supervision by formulating the measures. The China news finance reporter noted that on the same day of the promulgation of the measures, 11 departments including the people's Bank of China and the Ministry of Public Security announced that they would launch a three-year nationwide action to crack down on money laundering crimes from January 2022 to December 2024, and resolutely curb the spread of money laundering and related crimes. Previously, the central bank has piloted large amount cash management in Hebei Province since July 1, 2020 and in Zhejiang Province and Shenzhen since October 1, 2020. Hebei personal deposit and withdrawal of more than 100000 yuan, Shenzhen personal deposit and withdrawal of more than 200000 yuan, Zhejiang personal deposit and withdrawal of more than 300000 yuan should be registered. The pilot period is 2 years. There is no doubt that anti money laundering efforts are escalating. Dong ximiao, chief researcher of Zhaolian finance, told Zhongxin finance and economics that cash is anonymous and untraceable. Large amounts of cash are often used for money laundering, tax evasion and other illegal acts, endangering the national economic and financial order. Especially in today's environment where non cash payment is very convenient, the proportion of cash use continues to decline, and the use of large amounts of cash by ordinary depositors has been relatively rare. Dong ximiao said that therefore, the introduction of new regulations by the three departments and further supplement and improve the relevant requirements of customer due diligence with reference to international standards will help improve the anti money laundering supervision system, combat illegal cash use needs, improve the level of anti money laundering, reduce money laundering and other criminal acts, and maintain financial security. In this way, will it bring inconvenience to ordinary depositors? Dong ximiao believes that the new method has little impact on ordinary customers. First, there are really few personal deposits and withdrawals of 50000 yuan in cash. Diversified non cash payment methods such as mobile payment and digital RMB in the pilot can meet people's daily needs without having to use cash. Secondly, even if you need to deposit and withdraw more than 50000 yuan in cash, you just need to fill in an additional large cash business form. You should check the purpose of withdrawal and the source of deposit. There is no requirement to issue supporting materials, which has little impact on the convenience of deposit and withdrawal. "Being aboveboard, being upright and going straight is not afraid of the regulations, as long as you fill in clearly." "There's nothing to worry about if you don't do something bad. Understand the good intentions of the bank." "Prevent criminals from laundering money and support this decision." Many netizens also expressed support for the new rules. In addition, there was another news about cash deposit and withdrawal that attracted attention. Two private banks announced that they would suspend cash business. Among them, Liaoning Zhenxing bank issued an announcement on the suspension of counter and ATM cash business. With the approval of the competent people's Bank, it will suspend cash business such as counter cash deposit and withdrawal, change exchange, damaged currency exchange and ATM deposit and withdrawal from March 1, 2022. Beijing Zhongguancun bank issued an announcement on the suspension of cash collection and payment business. After reporting to the relevant regulatory authorities, it will suspend cash collection and payment business from April 1, 2022. The reporter noted that both Beijing Zhongguancun bank and Liaoning Zhenxing bank are private banks, which were established in 2017. The two banks mentioned one reason for the suspension of cash business: continuously increasing the development of online business and concentrating resources to improve the service capacity of e-banking. In Dong ximiao's view, there are 19 private banks in China at present. Private banks have "one bank at a time", there are few offline outlets, and the proportion of cash business is small, but the investment cost of cash business is relatively high. If these banks stop cash business, it will basically not affect the service to customers, and more importantly, it can reduce the operating cost. "For the whole banking industry, cash use will not be stopped on a large scale. Therefore, there is no need to over interpret it." Dong ximiao said. (Xinhua News Agency)
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Xinhua
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