December 30, 2016
China’s central bank said it tightened requirements for lenders to report cross-border transactions by customers as part of stepped-up efforts to curb money laundering.
The People’s Bank of China will require financial institutions to report any cross-border transfers of 200,000 yuan ($28,800) or more starting July 1, it said in a statement Friday. The PBOC said its Anti-Money Laundering Monitoring and Analysis Center also must be notified of any domestic cash deposits, withdrawals or transfers of 50,000 yuan or more or when banks have reason to believe that smaller transactions may be suspicious. That requirement has been brought down from the existing 200,000 yuan limit and may be adjusted if needed.