Individual withdrawal over 50,000 still requires registration? Multiple banks inquire about the purpose, regulators plan to cancel the mandatory rule.

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 Institution Customers and Management of Customer Identity Information and Transaction Records", and solicited public comments from the society. The draft for public comments this time cancelled the provision in the 2022 version of the regulatory rules that "individuals conducting cash deposits or withdrawals of more than 50,000 yuan in a single transaction need to understand and register the source or purpose of the funds", attracting attention from the market. Some industry insiders pointed out that the requirement to inquire and register the source and purpose of funds for cash deposits or withdrawals of more than 50,000 yuan has not been uniformly applied, responding to the actual needs of the public, clarifying and reducing the compliance burden for regular cash deposits or withdrawals by ordinary depositors, reflecting the regulatory authorities' consideration for the public's banking experience. Journalists recently visited several banks and found that currently, when withdrawing or depositing cash over 50,000 yuan in banks, customers still need to be asked about the source of the funds or the purpose of the withdrawal. Several bank staff members pointed out that with the high incidence of telecom fraud, this measure is mainly to safeguard customers' fund security and does not involve complicated procedures.