On August 4, China’s central bank, financial regulatory authority, and securities commission jointly issued the “Financial Institutions’ Customer Due Diligence, which stipulates that financial institutions and foreign exchange businesses must verify the identity of the remitter for any cross-border remittance exceeding 5,000 yuan or the equivalent of 1,000 USD. Additionally, financial institutions must register the sale of prepaid cards above 10,000 yuan.
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