People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission, Measures for the Administration of Customer Identification, and Preservation of Customer Identity Information and Transaction Records by Financial Institutions

(2) financial institutions such as commercial banks that provide to natural person clients the service of a single deposit or withdrawal transaction of cash of an amount not less than Rmb50,000 or the equivalent of US$10,000 in a foreign currency (Article 8);

(3) financial institutions such as commercial banks and institutions engaging in currency exchange business when remitting funds abroad for clients (Article 10);

(4) securities companies, futures companies, fund management companies and other institutions that engage in sale of funds when handling the opening and closing of, and changes to, funds accounts, the deposit and withdrawal of funds, the opening of fund accounts, the conclusion of futures brokerage contract with clients, transfer of custody, designated transactions, cancellation of designated transactions, and the conclusion of credit trading contracts such as margin trading and short sale of securities with clients (Article 11);

(5) insurance companies when concluding property insurance contracts with an insurance premium amount of at least Rmb10,000 or the equivalent of US$1,000 in a foreign currency that is paid in cash; personal insurance contracts with an insurance premium amount of at least Rmb20,000 or the equivalent of US$2,000 in a foreign currency for a single insured party that is paid in cash; and insurance contracts with an insurance premium amount of at least Rmb200,000 or the equivalent of US$20,000 in a foreign currency that is paid by way of transfer (Article 12);

(6) trust companies when establishing trusts (Article 15); and

(7) financial asset management companies, finance companies, lease financing companies, auto finance companies, money brokerages and insurance asset management companies when concluding financial business contracts with clients (Article 16).

Financial institutions shall preserve the details of customer identity and transaction records for at least five years (Article 29).

Related Legislation: PRC Anti-money Laundering Law, October 31 2006, CLP 2006 No.10 p.39