Large cash deposits will be automatically collected into the anti-money laundering system of the People's Bank of China. Banks may not investigate. But your large deposit information has entered the PBOC anti-money laundering system.

The People's Bank of China will operate a large cash reporting and monitoring system, and commercial banks will report to the People's Bank of China if the unilateral cash inflow and outflow of a single account reaches or exceeds 5 million yuan per month. Subsequently, the People's Bank of China will collect and summarize the information about the account holder's capital inflow and outflow from commercial banks. If it is suspicious, it will be investigated through the anti-money laundering platform.

The state will monitor the cash deposit of a single or accumulated RMB transaction of more than 200,000 yuan or a foreign currency transaction equivalent to 1 10,000 US dollars.

According to the provisions of China's cash management system, every enterprise must open a deposit account with the People's Bank of China or a specialized bank for deposit, withdrawal and transfer settlement, and the monetary funds of the enterprise must be deposited in the bank except for a small amount of cash within the prescribed limit.

After half a year, the large cash management pilot landed. Corporate funds exceeding 500,000 and private funds exceeding100,000 will be closely monitored.

According to the Notice of the People's Bank of China on Piloting Large Cash Management recently issued by the Central Bank, if customers withdraw and deposit cash above the starting amount, they should register when handling business.

The "Notice" clarifies that the pilot will last for two years, first in Hebei Province, and then extended to Zhejiang Province and Shenzhen City. Hebei province has been piloting since July 2020. Zhejiang Province and Shenzhen City have started pilot projects since 2020 10.

Why choose these three provinces and cities? Last year's "Draft for Comment on Large Cash Management" said this:

The management foundation of large cash business in banking financial institutions in Hebei Province is good. Zhejiang Province and Shenzhen City are all key areas of cash delivery in China. The large cash use in some industries in Zhejiang Province is prominent, and the large cash use in personal accounts is prominent. The cross-border flow of RMB cash between Shenzhen and Hong Kong is common.

The starting point for corporate accounts is 500,000, and for private accounts100,000, 200,000 and 300,000.

After investigation and analysis by the pilot bank, the central bank found that the starting point of the management amount of public accounts in all places is 500,000 yuan, and the starting point of the management amount of private accounts is Hebei Province100,000 yuan, Zhejiang Province 300,000 yuan and Shenzhen City 200,000 yuan respectively.

Wit, you must have thought of it at this time: can't you bypass supervision by splitting a large amount into several small amounts and taking them out separately?

However, the New Deal has made a supplementary explanation for this idea: to avoid supervision and "pseudo-large cash transactions" such as splitting and hidden posting of cash, preventive measures are formulated to monitor both single transactions exceeding the starting amount and multiple transactions exceeding the starting amount.

Make an appointment for large cash withdrawal.

According to the pilot scheme, financial institutions in the pilot areas should standardize the large cash withdrawal reservation business. Banks need to make clear the customer's appointment time, channel mode and information elements, and save the appointment information and submit it to the central bank in the pilot area.

Large deposit and withdrawal should be registered.

Cash withdrawn and deposited by customers above the initial deposit shall be registered when handling business. The central bank in the pilot area determines the information elements of customer registration in this area, and requires banking financial institutions to collect, save and report the registration information statistically.

Traceability of cash in kind

Moreover, the central bank in the pilot areas should make overall consideration of the centralized data requirements of the People's Bank of China's crown number and the requirements for monitoring large amounts of cash, and guide banking financial institutions to realize the correlation and traceability between the information of access business above the starting point and the crown number of cash objects.

Cash analysis and reporting system

Strengthen its own level of large cash analysis, analyze the large cash business information submitted by banking financial institutions by industry, purpose and amount, grasp the direction of large cash flow, and predict the risks of large cash business. On the premise of ensuring the safety of personal information and strictly regulating the use of information, communicate with relevant departments and enjoy information.

This exchange of information with relevant departments is also quite powerful. Some time ago, we have seen tripartite cooperation between tax authorities, police and banks in some areas. By monitoring taxpayers' bank accounts, it is handed over to the tax authorities for inspection.

Bank's New Deal Releases Important Signals

So nowadays, mobile payment, bank card and other payment methods are very convenient. Why should we manage large amounts of cash at this time? In fact, it is mainly to combat crime and safeguard national economic and financial security.

In addition to supervising the major banks, the People's Bank of China actually "incorporated" all domestic third-party institutions with payment licenses, such as WeChat Tenpay and Alipay, as early as the end of 20 17, and the fund supervision covered third-party payment.

The financial data of both enterprises and individuals are all included in the supervision, and the use of new technologies such as big data can finally be traced back to the flow of funds. The focus of this supervision is cash monitoring!

Today, with the rapid development of information technology and Internet, the non-cash payment method is perfect, but the demand for cash is increasing. In 20 17, a survey by the People's Bank of China found that a single withdrawal exceeded 1 100 million yuan in cash, which is unreasonable in the current convenient environment of bank card payment and bank transfer. The relevant person in charge of the central bank said that in recent years, the demand for cash, especially large cash, is still on the rise.

After managing large amounts of cash, will personal daily cash use be affected? In this regard, the relevant person in charge of the central bank said that the new regulations on large cash management will not significantly affect the daily economic activities of the public.

First, at present, there are many payment methods such as cash, bills, transfer, online and mobile in China, and the diversified payment methods can meet the daily production and life needs of the vast majority of the public.

Second, the starting point of large cash management amount is higher than the daily cash usage of the vast majority of the public after adjustment and demonstration.

Third, as long as customers fulfill their registration obligations according to regulations, large-value access is not restricted now.

What's more, for half a year with actual normal demand, a large cash management pilot landed. Corporate funds exceeding 500,000 and private funds exceeding100,000 will be closely monitored.

According to the Notice of the People's Bank of China on Piloting Large Cash Management recently issued by the Central Bank, if customers withdraw and deposit cash above the starting amount, they should register when handling business.