The People’s Bank of China (PBOC) has announced new regulations requiring businesses to report cash transactions involving gold, diamonds, and other precious metals and gems when they reach or exceed 100,000 yuan ($14,000) per transaction or daily cumulative amount. The new anti-money laundering measures will take effect starting August 1.
The central bank released the “Administrative Measures for Anti-Money Laundering and Counter-Terrorism Financing for Precious Metals and Gems Industry Institutions” on July 2, aimed at preventing and deterring money laundering and related criminal activities.
Under the new framework, industry institutions must fulfill anti-money laundering obligations and conduct proper customer due diligence when handling cash transactions of 100,000 yuan ($14,000) or equivalent foreign currency for precious metals and gems. This includes adhering to “Know Your Customer” principles based on client characteristics, transaction nature, and money laundering risk assessments.
The regulations mandate that Chinese industry institutions submit large transaction reports to China’s Anti-Money Laundering Monitoring and Analysis Center within five working days of the transaction date. Customer identity information and transaction records must be preserved for at least 10 years.
Additionally, any suspicious transactions must be reported immediately regardless of transaction amount, ensuring comprehensive monitoring of potential money laundering activities in the precious metals and gems sector.
These measures represent China’s continued efforts to strengthen financial oversight and combat illicit financial flows through enhanced reporting requirements for high-value commodity transactions.
Source: Central News Agency (Taiwan), July 2, 2025
https://www.cna.com.tw/news/acn/202507020239.aspx