ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Finance

Follow the money: China adds scrutiny to deposits, withdrawals

New rules on $8,000 bank transactions said to target money laundering

An employee counts yuan notes at a bank in Nanjing, China. New reporting requirements will be introduced for deposits or withdrawals exceeding 50,000 yuan.   © Reuters

BEIJING -- China will require people making a single deposit or withdrawal that exceeds 50,000 yuan ($7,870) to report the source of such cash and how it will be used, part of a renewed clampdown on money laundering activities.

A similar restriction will apply to foreign currency transactions in the equivalent of more than $10,000, targeting unlawful capital outflows.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more