China central bank raises requirements for cash and overseas transactions
[BEIJING] Banks and other financial institutions in China will have to report all domestic and overseas cash transactions larger than 50,000 yuan (S$10,409), compared to 200,000 yuan previously, the central bank said on Friday.
Banks will also need to report any overseas transfers by individuals of US$10,000 or more, People's Bank of China (PBOC) said in a statement on its website.
The changes will take effect from July 2017 and are part of adjustments to rules for large and suspicious transactions.
The required reports are sent to China's anti-money laundering supervision centre, the PBOC said.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Putin plans to meet Xi in China days after his new term starts
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up
Thaksin’s daughter calls central bank independence an ‘obstacle’