https://www.globaltimes.cn/page/202507/1337467.shtml

The People's Bank of China, the central bank, recently issued a notice regarding new administrative measures for anti-money laundering and combating the financing of terrorism by precious metals and gemstones institutions, noting those institutions conducting cash transactions of 100,000 yuan ($13,956) or more or the equivalent in foreign currency shall fulfill anti-money laundering obligations in accordance with the measures.

The notice said the measures aim to prevent money laundering and terrorism financing activities, curb money laundering and related crimes, as well as strengthen and regulate the efforts of precious metals and gemstone institutions for anti-money laundering and combating the financing of terrorism.

According to the notice, for individual or daily cumulative cash transactions of more than 100,000 yuan or the equivalent in foreign currency, the institutions shall adhere to the "Know Your Customer" principle, and conduct customer due diligence based on the customer's characteristics, the nature of the transaction, and the money-laundering risks.

And, the institutions shall submit a large-value transaction report to the China Anti-Money Laundering Monitoring and Analysis Center within 5 working days from the date of the transaction, according to the measures.

The term "precious metals" as referred to in the measures includes gold, silver, platinum, and related coins, standard bars, products, intermediate products, and refined raw materials. The term "gemstones" includes various raw materials, jewelry, and physical products of natural gemstones such as diamonds and jade, the notice said.

The new measures will take effect on August 1, 2025.