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China central bank raises requirements for cash and overseas transactions
December 30, 2016 / 5:01 AM / 9 months ago

China central bank raises requirements for cash and overseas transactions

A man walks past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing November 20, 2013. REUTERS/Jason Lee/File Photo

BEIJING (Reuters) - Banks and other financial institutions in China will have to report all domestic and overseas cash transactions larger than 50,000 yuan (5,853 pounds), compared to 200,000 yuan previously, the central bank said on Friday.

Banks will also need to report any overseas transfers by individuals of $10,000 or more, People’s Bank of China (PBOC) said in a statement on its website.

The changes will take effect from July 2017 and are part of adjustments to rules for large and suspicious transactions. The required reports are sent to China’s anti-money laundering supervision centre, the PBOC said.

Reporting by Beijing Monitoring Desk; Editing by Richard Pullin

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