Is registration still required for individual withdrawals over 50,000 RMB? Multiple banks inquire about the purpose, regulators plan to cancel the mandatory rules.

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 Financial Institutions to Conduct Due Diligence on Customers and Manage Customer Identity Information and Transaction Records", and solicited public opinions from the society. The draft for public comments this time canceled the provision in the 2022 supervision rules that "for individuals conducting single cash withdrawals or deposits of more than 50,000 yuan, it is necessary to understand and register the source or purpose of the funds", which has attracted market attention.