65438+1On October 26th, the People's Bank of China, the Bank of China Insurance Regulatory Commission and the China Securities Regulatory Commission jointly issued the Administrative Measures on Customer Due Diligence of Financial Institutions and Preservation of Customer Identity Data and Transaction Records, which standardized the customer due diligence, customer identity data and transaction records of financial institutions.

It is stipulated in the document that from March 1 2022, financial institutions will strengthen the control of bank accounts of units and individuals, and conduct due diligence on customer identity data and transaction records. When handling a single cash deposit and withdrawal business of RMB 50,000 or the equivalent of USD 65,438+RMB 0,000 for natural person customers, the identity of the customers should be identified and verified, and the source or use of the funds should be known and registered.

Priority pilot:

As early as June 10, 2020, the Notice on Launching the Pilot Project of Large Cash Management issued by the Central Bank stipulated that from July of that year, personal deposits and withdrawals of more than 654.38 million yuan would be registered, and the pilot project would be implemented first.

Taking the lead in piloting in Hebei, Zhejiang and Shenzhen means that this policy has been piloted and then promoted. The only difference this time is that the deposit and withdrawal limit is lowered to 50 thousand yuan.