What is a Currency Transaction Report?

The large-value transaction report is a large-value transaction that occurs through an account or bank card opened by a domestic financial institution, and is reported by the financial institution that opened the account or the card-issuing bank; Acquirer reports; large transactions that customers do not make through their accounts or bank cards are reported by financial institutions that handle the business.

Large transaction report

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The large-value transaction report is a large-value transaction that occurs through an account or bank card opened by a domestic financial institution, and is reported by the financial institution that opened the account or the card-issuing bank; Acquirer report; large transactions that do not occur through the account or bank card are handled by the customer

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Financial institutions shall report the following large transactions to the China Anti-Money Laundering Monitoring and Analysis Center:

(1) Cash deposit, cash withdrawal, cash settlement and sale, cash exchange, cash remittance, cash bill settlement and other forms in a single or cumulative RMB transaction of over RMB 200,000 or foreign currency transaction equivalent of USD 10,000 or more Cash receipts and payments.

(2) Transfers of bank accounts of legal persons, other organizations, and individual industrial and commercial households in a single transaction or on the day accumulating more than RMB 2 million or a foreign currency equivalent of more than USD 200,000.

(3) Transfers between bank accounts of natural persons, and bank accounts of natural persons and legal persons, other organizations, and individual industrial and commercial households, or accumulative amounts of more than RMB 500,000 or a foreign currency equivalent of more than 100,000 USD on that day.

(4) The party involved in the transaction is a natural person, a single transaction, or a cross-border transaction with a cumulative total of US $ 10,000 or more on the day.

Cumulative transaction amount is based on a single client, and is calculated and reported unilaterally based on the income or expenditure of funds, unless otherwise specified by the People's Bank of China.

Clients conduct financial transactions with securities companies, futures brokerage companies, fund management companies, insurance companies, insurance asset management companies, trust and investment companies, financial asset management companies, financial companies, financial leasing companies, auto finance companies, currency brokerage companies, etc. For bank account transfers, commercial banks, urban credit cooperatives, rural credit cooperatives, postal depository and remittance agencies, and policy banks shall conduct anti-money laundering to China in accordance with the provisions of paragraphs (2), (3), and (4) of paragraph 1. The monitoring and analysis center submitted a large transaction report.

The People's Bank of China may adjust the large-value transaction standards stipulated in the first paragraph as needed.

For large transactions that meet one of the following conditions, financial institutions may not report if the transaction is not suspicious:

(1) When the time deposit expires, it is not directly withdrawn or transferred, but the principal or principal plus all or part of the interest is continuously deposited into another account under the same account opened by the same financial institution.

The principal of the demand deposit or the principal plus all or part of the interest is converted into a time deposit in another account under the same account opened by the same financial institution.

The principal of the time deposit or the principal plus all or part of the interest is converted into a demand deposit in another account under the same account opened by the same financial institution.

(2) Conversion between different foreign currencies during the process of real foreign exchange trading by natural persons.

(3) The party involved in the transaction is party organs at all levels, state power organs, administrative organs, judicial organs, military organs, people's political consultative conference organs, the People's Liberation Army, and the Armed Police Force, but it does not include various enterprises and institutions under its jurisdiction.

(4) Inter-bank lending by financial institutions and bond transactions conducted in the inter-bank bond market.

(5) Gold transactions conducted by financial institutions on gold exchanges.

(6) Internal transfer of funds by financial institutions.

(7) Transactions under the loan refinancing business of international financial organizations and foreign governments.

(8) Debt swap transactions under loans from international financial organizations and foreign governments.

(9) Taxes, misreconciliations, and interest payments initiated by commercial banks, urban credit cooperatives, rural credit cooperatives, postal savings and exchange agencies, and policy banks.

(10) Other circumstances determined by the People's Bank of China.