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.
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
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