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