After another month, the withdrawal of more than 50,000 yuan of cash needs to register sources


The People’s Bank of China, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission jointly issued the Measures for the Administration of Customer Due Diligence of Financial Institutions and the Preservation of Customer Identity Information and Transaction Records to regulate the conduct of customer due diligence, customer identity information and transaction records of financial institutions.The financial institutions customer due diligence and client id information and transaction records management method “mentioned in article 10 of commercial Banks, rural cooperative Banks, rural credit cooperatives, village Banks and other financial institutions for natural customers deal with single 50000 yuan of above or foreign currency equivalent amount more than $10000 in cash access business, shall identify and verify customer’s identity,Understand and register the source or use of funds.Fortunately, it began to be carried out from March 1, if this began before, the younger generation of many people want to give New Year’s money can only transfer.In fact, the country’s move has little impact on ordinary people.There are not many times in our daily lives when we can use large amounts of cash.Over the years, I’ve pretty much said goodbye to cash.In addition to travel with a few hundred yuan spare, peacetime, a mobile phone is completely satisfied.I can hardly find a place to refuse mobile payments, so what’s the use of cash?Apart from illegal transactions, all I can think of is giving red envelopes during the Spring Festival.This year’s cash withdrawal is a little bit less, and some of the red envelopes of the younger generation can only be completed by transfer, which feels a little shy.The people most affected by such controls are merchants, especially small ones.You can’t refuse cash to your clients, can you?However, when cash exceeds the $50,000 limit, the source must be identified.Merchants need to record the information of every customer who uses cash, otherwise the money is likely to be monitored by the banking system.

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