Referring to our news on 6th week of 2022, here is further information as below.

China’s central bank said on 21.Feb.2022, that the implementation on regulation of personal cash deposits & withdrawals will be postponed.

The "Administrative Measures for Financial Institutions’ Customer Due Diligence and the Preservation of Customer Identity Information and Transaction Records" (Order [2022] No. 1 of the People’s Bank of China, China Banking and Insurance Regulatory Commission, and China Securities Regulatory Commission) originally scheduled to be implemented on March 1, 2022 has been suspended due to technical reasons. Relevant business shall be handled in accordance with the original regulations.

The regulation is about requiring individuals to disclose the source and purpose of a cash withdrawal or deposit on a single transaction if the amount reaches 50,000RMB or 10,000USD.

After the release of the "Measures", some small and medium-sized financial institutions proposed that the "Measures" put forward specific specifications and requirements for different financial products and business models, and financial institutions need to revise and improve their internal management systems, information systems, business processes, and conduct personnel training. To this end, after research, it was decided to suspend the implementation of the “Measures".