'Technical reasons' delay new due diligence policy
A planned toughening of the due diligence policy on financial institutions will be suspended "due to technical reasons," the central bank said on Tuesday.
The policy, which increases regulation of individual cash transactions of 50,000 yuan (US$7,841) or US$10,000 of more at banks, with fund managers and insurance companies, was to take effect from March, the People's Bank of China said in January.
But the new rule was delayed to be implemented, with no detailed timetable, because "some financial institutions need time to redesign the process and carry out internal training," the bank said.
Under the new rule, commercial banks, policy banks, securities firms, insurers, wealth managers and other licensed financial institutions must keep client information of any single transaction that reaches 50,000 yuan, or US$10,000, the central bank said earlier.
Non-banking payment service providers must store client information on individual transactions of 10,000 yuan, or US$1,000, the bank said.
In Case You Missed It...
Sep 18, 2026
