Central Bank: Starting from August 1, cash purchases of gold exceeding 100,000 yuan will need to be reported
PANews reported on July 2 that according to Beijing Business Daily, the People's Bank of China issued the "Anti-Money Laundering and Anti-Terrorist Financing Management Measures for Precious Metals and Gemstones Institutions" (hereinafter referred to as the "Management Measures") on June 30, which will take effect on August 1, 2025. The "Management Measures" were publicly solicited for public opinions from April 3 to April 16, 2025.
Compared with the anti-money laundering requirements for the precious metals industry put forward by the regulatory authorities earlier, this "Administrative Measures" clearly stipulates the applicable objects, starting amount, specific circumstances of customer due diligence, etc., and includes the entire precious metals and gemstone industry chain in anti-money laundering supervision. From the perspective of changes, the "Administrative Measures" will increase the starting amount for submitting large transaction reports from 50,000 yuan to 100,000 yuan, and the large number of precious metals and gemstone stores should also be included.
In terms of the scope of practitioners, according to the Management Measures, practitioners subject to the new regulations refer to traders who legally engage in spot trading of precious metals and gemstones within the territory of the People's Republic of China. Practitioners shall fulfill their anti-money laundering obligations in accordance with the regulations, accept anti-money laundering supervision and management, and cooperate with anti-money laundering investigations.
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