Chinese Banks Required to Strengthen Due Diligence for One-Off Withdrawals Exceeding 50,000 Yuan

Chinese banks will be required to strengthen due diligence on individual customers who deposit or withdraw more than 50,000 yuan ($7,864) in cash in one go, as regulators step up efforts to clamp down on money laundering and fraud.

An official of the People’s Bank of China (PBOC), the central bank, said the new rule aims to curb criminal activities such as telecoms fraud, illegal fundraising, illegal pyramid schemes and cross-border gambling, according to a report released by state-run broadcaster CCTV on Wednesday.