Heavy new rules!If a person withdraws or withdraws over 50,000 yuan in cash, the bank requires verification of three things

2022-07-08 0 By

Recently, to improve the anti-money laundering supervision mechanism, to further improve China’s money laundering and terrorist financing risk prevention ability, the People’s Bank of China, bank of China insurance regulatory commission, China Securities Regulatory Commission recently issued by the financial institutions customer due diligence and client id information and transaction records management method “(hereinafter referred to as the” method “),Effective from March 1, 2022.Today, the news that individuals need to register the source of funds to withdraw and withdraw more than 50,000 yuan was hot searched on Weibo.To be specific, the due diligence requirements of customers in banking, securities, insurance, non-bank payment and other industries are closely related to personal cash withdrawal, remittance and fund purchase.Article 9 of the Measures stipulates that:Developmental financial institution, policy Banks, commercial Banks, rural cooperative Banks, rural credit cooperatives, village Banks and other financial institutions and is engaged in the remittance business institutions in handling the following business, should carry out customer due diligence, basic information and register customer identity, retained customers valid identity certificate copies or photocopies or other identification documents:(1) establishing business relations with customers by opening accounts or by other means agreed upon in agreements;(2) Providing one-time transactions such as cash remittance, cash exchange, bill payment, trading of physical precious metals, and sales of various financial products for customers who have not opened accounts in the institution, and the transaction amount is more than RMB 50,000 yuan in a single transaction or the foreign currency equivalent is more than US $10,000.Article 10: Commercial banks, rural cooperative banks, rural credit cooperatives, rural banks and other financial institutions shall identify and verify clients’ identities, understand and register the source or use of funds if they handle the cash withdrawal and withdrawal business of RMB 50,000 yuan or FOREIGN currency equivalent of US $10,000 for natural person clients.Securities institutions with a single transaction amount of more than 50,000 yuan shall conduct customer due diligence. Article 12 of the Measures stipulates:Securities companies, futures companies, securities investment fund management companies and other institutions engaged in fund sales business in for the customer to deal with the following business, should carry out customer due diligence, basic information and register customer identity, retained customers a copy of the valid identity certificate or any other identity documents or photocopies: specific seven big business for: (a) brokerage business;(2) Asset management business;(3) selling various financial products to customers who have not opened accounts with the institution and the transaction amount of a single transaction is more than RMB 50,000 or the foreign currency equivalent is more than US $10,000;(4) margin lending, stock pledge, agreed repurchase and other credit trading businesses;(5) otc derivatives trading and other over-the-counter business;(6) Underwriting and recommendation, financial adviser for mergers and acquisitions and restructuring of listed companies, entrusted management of corporate bonds, recommendation of unlisted public companies, asset securitization and other businesses;(7) Other securities businesses that shall carry out customer due diligence as stipulated by the People’s Bank of China and the China Securities Regulatory Commission.Prepaid card pay more than RMB 10000 yuan and other non-banking institutions to carry out all the “method” article 17 points out that, when other payment institutions deal with the following business, should carry out customer due diligence, basic information and register customer identity, retained customers valid identity certificate copies or photocopies or other identification documents:(1) establishing business relations with customers by opening payment accounts or other means, or selling bearer prepaid cards to customers or selling bearer prepaid cards of more than RMB 10,000 yuan in a lump sum;(2) by signing or tied card and way to pay is not the agency to open accounts of the customers with payment transactions and transaction amount is single RMB or foreign currency equivalent amount more than $1000 of 10000 yuan of above, money within 30 days or bilateral foreign currency equivalent cash amount accumulative total more than 50000 yuan, or $10000 or more;(3) other circumstances as stipulated by the People’s Bank of China.In addition, article 8 states that financial institutions shall not provide services or conduct transactions with unidentified customers, shall not open anonymous or pseudonymous accounts for customers, and shall not open accounts for customers who assume the identity of others.Article 18: Banks, non-bank payment institution specially engaged to provide a single service, should be specially engaged to carry out the customer’s due diligence, and registration of special merchants and its legal representative or chief basic identity information, retained specially engaged and its legal representative or chief valid identity certificate copies or photocopies or other identification documents.Article 19: the trust companies’ trust is established or deal with the beneficial right of the trust for customers, at the time of transfer shall identify and verify the client identity, understand the source of the trust property, the identity of the registration of the trustor and the beneficiary basic information, and keep the client a copy of the valid identity certificates or other identification documents or photocopies.Article 20: is a trust fund for client money or property belonging to the trust property, financial institutions to establish business relations with customers or provide specified amount one-time transaction, shall identify the trustee and the trustee trust relationship, beneficiaries and other effective control of the trust property of natural person identity, to register their names and contact information.Article 21:Insurance asset management company, financial assets management companies, enterprise group finance companies, financial leasing companies, auto finance companies, consumer finance companies, currency brokerage companies, loan companies, finance companies and other financial institutions as determined by the People’s Bank of China, in the purpose of establishing business relations with customers, shall identify and verify customer’s identity, registered customer basic identity information,And keep the photocopy or photocopy of the client’s valid identity certificate or other identification documents.”Method” come on stage what is background and meaning?Heads of relevant departments of the Central Bank answered questions from journalists.1. What is the background of the measures?At the fourth Plenary Session of the 19th CPC Central Committee, it was proposed to uphold and improve the system of socialism with Chinese characteristics and modernize China’s system and capacity for governance.Opinions of The General Office of the State Council on Improving the Supervision System and Mechanism of Anti-money Laundering, Anti-Terrorist Financing and Anti-tax Evasion put forward clear requirements on the role of anti-money laundering in promoting the modernization of national governance system and governance capacity and maintaining economic and social security and stability.With the development and innovation of domestic financial services and the constant change of international anti-money laundering standards, the current Measures for the Management of customer Identification of Financial Institutions and the preservation of customer identity information and Transaction Records need to be further improved, so as to play the role of anti-money laundering in the construction of modern financial system and the expansion of two-way opening of financial industry.Ii. What is the significance of formulating the Measures?First, the formulation of the Measures is conducive to comply with the development of the financial industry and improve the risk prevention ability of money laundering and terrorist financing in China.In recent years, with the changes of financial products and business models, some new challenges have emerged in the anti-money laundering work in the financial industry. In order to enhance the risk prevention ability of money laundering and terrorist financing in China, it is necessary to formulate measures to further improve the anti-money laundering supervision system and strengthen the anti-money laundering supervision.Second, the formulation of the Measures is conducive to practicing the “risk-based” anti-money laundering concept and improving the anti-money laundering work level of financial institutions.At present, the concept of “risk-based” is not fully reflected in the customer due diligence work of financial institutions. Risk-based customer due diligence measures should be further emphasized to improve the efficiency of financial services on the basis of preventing the use of financial system to engage in criminal activities such as money laundering.Third, the formulation of measures is conducive to the integration of international anti-money laundering standards.According to the international evaluation of anti-money laundering, China needs to further clarify the relevant requirements of financial institutions’ customer due diligence, customer identity information and transaction record preservation, and constantly improve the anti-money laundering supervision system.Iii. What are the main contents of the revised Measures?(1) Adjusting the name, style and scope of application of the Measures.One is to replace “customer identification” with the term “customer due diligence” in the name and body of the regulation;Second, the general provisions highlight the basic principle of “risk-based”;Third, the customer due diligence in Chapter 2 shall be divided into two sections, “General Provisions” and “Other Provisions”, to clarify the general requirements of customer due diligence and the due diligence requirements under special circumstances respectively;Fourth, improve and expand the scope of application of the Measures to increase the number of non-bank payment institutions, wealth management companies and various new financial institutions.(2) The “risk-based” requirement shall be incorporated into the Measures.One is to require voluntary agencies to establish clear customer acceptance policies;Second, improve and emphasize the continuous due diligence regulations, requiring customer life cycle management into the requirements of continuous due diligence;Third, increase the requirements on strengthening due diligence and simplifying due diligence, and clarify the applicable situations and corresponding measures;Fourth, according to the business development and risk status of each financial industry, improve customer due diligence requirements of banking, securities, insurance, non-bank payment, trust, asset management and other industries.(III) Supplement and improve customer due diligence requirements.Supplement and improve wire transfers, beneficial owner identification, due diligence through third parties, correspondent banks, high-risk countries or regions, new technology (not face-to-face business), beneficiary identification of life insurance, customer due diligence requirements, and the timing of identity verification.Source: official website of central Bank, public information