TechFlow news, on July 2, according to CCTV.com, recently the People's Bank of China issued the "Notice of the People's Bank of China on Printing and Distributing the 'Measures for the Administration of Anti-Money Laundering and Counter-Terrorist Financing by Precious Metals and Gemstone Industry Institutions' (Yin Fa [2025] No. 124)" (hereinafter referred to as the "Measures").
It mentions that industry institutions conducting cash transactions of RMB 100,000 or more (including RMB 100,000) or equivalent foreign currency must fulfill anti-money laundering obligations as stipulated in the Measures. For customers whose single transaction or daily cumulative amount reaches RMB 100,000 or more (including RMB 100,000) or equivalent foreign currency cash transactions, industry institutions shall exercise due diligence, follow the "Know Your Customer" principle, and conduct customer due diligence based on customer characteristics, nature of transaction activities, and money laundering risk status.
For customers whose single transaction or daily cumulative amount reaches RMB 100,000 or more (including RMB 100,000) or equivalent foreign currency cash transactions, industry institutions shall submit large-value transaction reports to the China Anti-Money Laundering Monitoring and Analysis Center within 5 working days from the date of transaction, as required. The Measures will take effect on August 1, 2025.
