China develops a program to keep large transactions in check

Wednesday 8 July 2020 11:11 CET | News

China has imposed a program to keep large transactions in check amid concerns over the state of its financial in the wake of the COVID-19 outbreak.

The People’s Bank of China kicked off a pilot plan in Hebei province that would require retail and business clients to pre-report any large withdrawals or deposits, according to Bloomberg. The two-year program will be expanded to Zhejiang and Shenzhen in October 2020, encompassing more than 70 million people. The plan will require businesses to provide information on transactions exceeding USD 71.000.

While the statement didn’t say banks can reject a transaction exceeding the amount, lenders will need to submit reports, mark risks, and follow up on customers that come from high-risk sectors or those make frequent transactions or deviate from past behaviour.

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Keywords: China, transactions , banks, coronavirus, COVID-19, People’s Bank of China, Hebei, Zhejiang, Shenzhen, lenders
Categories: Fraud & Financial Crime
Countries: China
This article is part of category

Fraud & Financial Crime