Access more than 50,000 yuan in cash without further explanation of the purpose! Anti-money laundering supervision shifts to a risk-based approach.

Recently, the People's Bank of China, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission jointly issued the "Measures for Due Diligence Investigation of Financial Institutions' Customers and Management of Customer Identity Information and Transaction Records", and solicited opinions from the public. The draft for soliciting opinions has been open to the public for opinions since August 4th, with a deadline of September 3rd. The most notable change in this new regulation is the removal of the mandatory requirement in the 2022 version of the regulatory rules that individuals conducting cash transactions of more than 50,000 yuan must "understand and register the source or purpose of funds."