People's Bank of China, Guiding Opinions on the Remote Opening of Renminbi Bank Accounts by Banking Financial Institutions (Draft for Comments)

中国人民银行关于银行业金融机构远程开立人民币银行账户的指导意见 (征求意见稿)

March 16, 2015 | BY

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Published: January 2015Main contents: The Draft requires that the remote opening of accounts be based on the real name system. Within the scope of remote…

Published: January 2015

Main contents: The Draft requires that the remote opening of accounts be based on the real name system. Within the scope of remote account opening, a bank may open only one account of a certain type for any one entity, enterprise or natural person, and the remote opening, modification and closing of accounts must be filed with the central bank for the record. The scope of matters handled through a remotely opened account is limited, currently restricted to entity non-settlement accounts such as term deposits and call deposits, as well as personal settlement and non-settlement accounts.

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