Reverse money laundering!Since March, the individual takes cash to exceed 50 thousand yuan to want to register a regulation to have change again!

2022-05-15 0 By

I believe that every friend has a bank card, many people have more than one.Many bank cards are forgotten in the corner when online payment reaches the upper reaches of life.Banks call these “sleep accounts.”In recent years, banks have begun to clean up sleep accounts in order to prevent criminals from using them for money laundering and fraud.Thus, the state is more and more strict supervision of the financial market.In fact, we still have a lot of need to use the bank card in life, such as to the bank counter to withdraw money.Recently, the news that “individuals should provide where the money comes from and where to use it when they deposit and withdraw more than 50,000 yuan in cash” has been on the hot search, triggering a heated discussion on the Internet.Unscramble came, why can the country introduce such provision?Is it inconvenient for people to withdraw money in the future?On the evening of February 21, the People’s Bank of China (PBOC) issued an emergency announcement on its official website: The implementation of the “Measures for the Management of Due Diligence of Financial institutions’ customers and the Preservation of customer identity information and Transaction Records”, which had been implemented since March 1, will be suspended. The relevant businesses mentioned in the Measures will be handled according to the original provisions.The delay was for technical reasons.1. What does the Measures provide for?The measures mentioned in the notice are the ones that have been hotly debated before, requiring individuals to register and explain the use of 50,000 yuan.In January this year, the CSRC, CBRC and the People’s Bank of China jointly issued the Measures:Starting from March 1, 2022, all financial institutions in China, including banks and cooperatives, will be required to verify the identity of customers with a single cash withdrawal of 50,000 yuan or more and a foreign currency of 10,000 yuan or more, and the customers will provide the source and use of the cash.All transfers in and out shall be explained.2. How to interpret the latest announcement?Non-bank small and medium-sized financial institutions have requested a delay, because the current management and registration system of these institutions does not meet the requirements of the Measures for the time being, and there is no time for adjustment due to the implementation of the measures in March.So the state is releasing information urgently.We also urged all financial institutions to improve their systems and strengthen personnel training as soon as possible.Therefore, the Measures are only suspended, not not implemented.In cases where the Measures are not implemented, business handling shall be carried out in accordance with the previous provisions.2. Will it be convenient for us to deposit and withdraw money?Is our privacy protected?Will the new rules affect our ability to save and withdraw money when we go out?Apart from questions about the inconvenience of accessing cash, people are more concerned about the information they provide and whether it is safe.First, the measures will not affect individuals’ ability to deposit or withdraw cash in banks.Ordinary access services do not require registration or provision of information, but the financial institution has the right to make brief inquiries with the customer.Once the staff finds that the deposit and withdrawal business exceeding the specified amount may be suspected of money laundering, the staff can further understand the situation and ask the customer to provide identification, indicating the source and use of funds.The specific implementation is to handle the business site individuals only need to fill in a large amount of cash business form, check the corresponding source for saving, and check the corresponding use for withdrawing money.In addition, for everyone concerned about the security of personal information and privacy, the person in charge said that these information privacy is protected by law, will not be disclosed.According to statistics, all cash deposits and withdrawals of Chinese banks have been declining, of which only about 2% are cash deposits and withdrawals of more than 50,000 YUAN.The withdrawal of cash at the bank is not affected at all.Two, why to issue this new regulation?Regarding the introduction of new regulations, the person in charge said: tracking and keeping customer identity information and large transaction records, is to protect the safety of people’s funds, and ultimately maintain the stability of the country’s financial order.In short, for anti-money laundering.In recent years, with the adjustment of financial institutions’ business models and the emergence of diversified financial products, the national anti-money laundering work also faces more severe challenges.The measures are issued to further improve the anti-money laundering supervision system, strengthen supervision, and better enhance the ability of financial institutions to prevent the risk of money laundering, illegal financing and other illegal and criminal behaviors.At the same time, the Ministry of Public Security and other departments also announced a crackdown on money laundering and related financial crimes.The operation was long: three years, broad: nationwide, to show that we have zero tolerance for money laundering.In fact, as early as 2020, the country has begun to pilot the management of large cash withdrawals for two years in Shenzhen, Hebei, Zhejiang and other places.Until now, the introduction of “measures” shows that China’s fight against money laundering constantly upgrading.Why would registering people’s deposits and withdrawals prevent money laundering?In plain English, because cash use is personal, covert and untraceable.It is impossible to track a large amount of money used in illegal activities such as bribery, money laundering and tax evasion.Now mobile phone payment and smart payment are too popular, and the need for individuals to deposit and withdraw cash in banks has been greatly reduced. Therefore, timely registration and management of suspicious large amount of business will naturally be more effective in combating money laundering and related crimes.Three, reduce cash deposit and withdrawal, cash business will disappear?On the one hand, financial institutions have the right to register and manage personal cash business. On the other hand, two private banks have announced that they will stop handling cash business in the first half of this year.The reason why the two private banks stopped doing cash business is to consider the bank’s actual “difficulties”.However, the proportion of actual cash business in banking business is decreasing year by year.The bank is bound to close some branches. With fewer branches, people feel more inconvenient to withdraw money, and the cash business becomes a “vicious circle”. Therefore, after comprehensive consideration, the bank should close the cash business and invest the human and financial resources in the online business to improve the quality of online service.Now that mobile payments are becoming more convenient and ordinary people have less need to withdraw or deposit cash, the question is being asked whether the business will gradually disappear.The answer is no.No matter how convenient electronic payments are, they cannot completely replace cash payments, and not everyone is willing or able to pay electronically.For example, we also have a large group of elderly people, most of whom are not smart phone users, electronic payment, transfer.Also, the elderly go to the counter to deposit and withdraw cash, especially for large amount of remittance, in the field staff screening and help, can help the elderly to prevent being cheated to the greatest extent;Going to the bank to withdraw cash can also be very effective in avoiding card theft.On top of that, some transactions still require cash because of security concerns about electronic transactions.To sum up, the existence of cash business is still very necessary, will not disappear.Conclusion: The large transaction supervision measures jointly issued by the three departments refer to the current international standards and are formulated according to China’s actual national conditions.It is believed that the implementation of the Measures can effectively deter money laundering and ensure financial security.Bank professional personage reminds everybody, need not worry too much, the new regulation will not limit the amount that individual deposits or draws money, also just add a form more, go to the bank in the future when deal with large amount of business, still cooperate actively staff member please.Guys, are you still going to the bank?