Central Bank: Starting from August 1st, cash purchases of gold exceeding 100000 yuan will need to be reported

According to the Beijing Business Daily, the People's Bank of China issued the Administrative Measures for Anti money Laundering and Anti terrorist Financing of Precious Metals and Gems Practitioners (hereinafter referred to as the Administrative Measures) on June 30, which will come into force on August 1, 2025. The Management Measures were publicly solicited for opinions from April 3 to April 16, 2025. Compared to the previous anti money laundering requirements proposed by regulatory authorities in the precious metal industry, this "Management Measures" clearly stipulate the applicable objects, starting amounts, and specific circumstances of customer due diligence, and include the entire industry chain of precious metals and gemstones in anti money laundering supervision. From the perspective of changes, the starting amount for submitting large transaction reports in the "Management Measures" has been increased from 50000 yuan to 100000 yuan, and a large number of precious metal and gemstone operation stores should also be included. In terms of the scope of practitioners, according to the Management Measures, practitioners subject to the new regulations refer to traders engaged in spot trading of precious metals and gemstones within the territory of the People's Republic of China in accordance with the law. Industry institutions shall fulfill their anti money laundering obligations in accordance with regulations, accept anti money laundering supervision and management, and cooperate with anti money laundering investigations.