People's Bank of China, Measures for the Administration of the Reporting of Large Transactions and Suspicious Transactions by Financial Institutions

(2) securities companies, futures companies and fund management companies;

(3) insurance companies, insurance asset management companies, dedicated insurance agencies and insurance brokerages; and

(4) trust companies, financial asset management companies, finance companies of enterprise groups, lease financing companies, auto finance companies, consumer finance companies, money brokerages and loan companies (Article 2).

Main contents: Financial institutions shall report the following large transactions:

(1) cash deposits, cash withdrawals, cash foreign exchange conversions or sales, cash conversions, cash remittances, payments of cash notes and other manner of cash receipts or payments effected in a single transaction or cumulative transactions of at least Rmb50,000 or the foreign currency equivalent of at least US$10,000 on the day in question;

(2) transfers effected between non-natural person customer accounts and other bank accounts in a single transaction or cumulative transactions of at least Rmb2 million or the foreign currency equivalent of at least US$200,000 on the day in question;

(3) domestic transfers effected between natural person customer accounts and other bank accounts in a single transaction or cumulative transactions of at least Rmb500,000 or the foreign currency equivalent of at least US$100,000 on the day in question; and

(4) cross-border transfers effected between natural person customer accounts and other bank accounts in a single transaction or cumulative transactions of at least Rmb200,000 or the foreign currency equivalent of at least US$10,000 on the day in question (Article 5).

Promulgated: December 28 2016

Effective: July 1 2017

Applicability: These Measures shall apply to the following financial institutions established in the People's Republic of China in accordance with the law:

(1) policy banks, commercial banks, rural cooperative banks, rural credit cooperatives and village/town banks;

(2) securities companies, futures companies and fund management companies;

(3) insurance companies, insurance asset management companies, dedicated insurance agencies and insurance brokerages; and

(4) trust companies, financial asset management companies, finance companies of enterprise groups, lease financing companies, auto finance companies, consumer finance companies, money brokerages and loan companies (Article 2).

Main contents: Financial institutions shall report the following large transactions:

(1) cash deposits, cash withdrawals, cash foreign exchange conversions or sales, cash conversions, cash remittances, payments of cash notes and other manner of cash receipts or payments effected in a single transaction or cumulative transactions of at least Rmb50,000 or the foreign currency equivalent of at least US$10,000 on the day in question;

(2) transfers effected between non-natural person customer accounts and other bank accounts in a single transaction or cumulative transactions of at least Rmb2 million or the foreign currency equivalent of at least US$200,000 on the day in question;

(3) domestic transfers effected between natural person customer accounts and other bank accounts in a single transaction or cumulative transactions of at least Rmb500,000 or the foreign currency equivalent of at least US$100,000 on the day in question; and

(4) cross-border transfers effected between natural person customer accounts and other bank accounts in a single transaction or cumulative transactions of at least Rmb200,000 or the foreign currency equivalent of at least US$10,000 on the day in question (Article 5).