Banking News
- Guangdong News
Date: 12-Jun-2007 Sources: (Shenzhen Daily)
FOR a single withdrawal of more than 50,000 yuan (US$6,545) from a bank in Shenzhen, it is now obligatory for withdrawers to show their ID cards. This is in line with a series of new rules to be introduced by the central bank in order to prevent money-laundering and illegal financing.
Banks including Bank of China and China Minsheng Bank require legal proof of the source of the money when more than 500,000 yuan in cash is deposited. China Construction Bank requires proof when the amount is 200,000 yuan.
According to recent rules set out by the People's Bank of China, people withdrawing cash of over 200,000 yuan at one time should make an appointment one day in advance at least.
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