Jul 2, 01:00 PM

PBOC Imposes Reporting Rules on Cash Precious-Metal Deals Above 100,000 Yuan

The People’s Bank of China has issued new regulations that impose stricter anti-money-laundering and counter-terrorism financing obligations on companies trading in precious metals and gemstones. The rules require dealers to verify customer identities and file reports with the central bank when any single cash purchase—or the cumulative value of multiple cash purchases in one day—reaches 100,000 yuan (roughly US$14,000). The measures take effect on 1 August 2025 and apply to gold, silver, platinum, diamonds, jade and other high-value items. Institutions must also develop internal compliance programs, conduct employee training and retain transaction records for at least five years, according to the notice. Beijing has tightened financial-crime oversight in recent years, extending know-your-customer and suspicious-activity reporting duties beyond banks to a broader range of sectors. Regulators said the latest step aims to close loopholes frequently exploited for money laundering, tax evasion and illicit capital transfers.

#Beijing

Written with ChatGPT .

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