People's Bank of China: Starting from August 1, cash purchases of gold exceeding 100,000 yuan must be reported.

According to Deep Tide TechFlow news, on July 2, as reported by CCTV, the People's Bank of China recently issued a notice titled "Notice of the People's Bank of China on Printing and Distributing the 'Management Measures for Anti-Money Laundering and Anti-Terrorist Financing for Precious Metals and Gemstone Practitioners' (Yin Fa [2025] No. 124)" (hereinafter referred to as the 'Measures').

It is mentioned that institutions engaging in cash transactions of 100,000 RMB or more (including 100,000 RMB) or the equivalent in foreign currency shall fulfill their AML obligations in accordance with the provisions of the "Measures". For a single transaction or a daily accumulated amount of cash transactions exceeding 100,000 RMB (including 100,000 RMB) or the equivalent in foreign currency, institutions shall diligently fulfill their responsibilities, adhere to the "Know Your Customer" principle, and conduct customer due diligence based on customer characteristics, the nature of the transaction activities, and the money laundering risk situation.

For cash transactions by customers in a single transaction or daily cumulative amount of 100,000 RMB or more (including 100,000 RMB) or equivalent foreign currency, the industry institutions shall submit a large transaction report to the China AML Monitoring and Analysis Center within 5 working days from the date of the transaction as per regulations. The "Measures" will come into effect on August 1, 2025.