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Banks in China track money transfers: criteria for falling under banking supervision

Many foreigners in China believe that if a company belongs to them and the money belongs to that company, then they can transfer money however they like. But it is a big mistake to think so. In addition, banks will now monitor large-value transactions and suspicious transactions, fulfill their obligation to report large-value transactions and suspicious transactions, and report large-value transactions and suspicious transactions to the China Monitoring and Analysis Center for money laundering.

 

The following three situations are subject to key control!

 

(1) Single cashier's check and payment of more than 200,000 yuan, including cash deposit, cash withdrawal and cash transfer, cashier's check and money bill issuance;

 

(2) A single transfer of more than 1 million yuan between legal entities, other organizations and individual entrepreneurs;

 

(3) Transfers over RMB 200,000 between individual bank accounts and between individual bank accounts and corporate bank accounts.

 

In addition, if a bank discovers or has reasonable grounds to suspect that a client, client funds or other assets, a client transaction or an attempted transaction is related to money laundering, terrorist financing and other criminal activities, regardless of the amount or value of the assets involved, the bank must submit a Report about a suspicious transaction.

Google-низ-анг2022