Central Bank requires reporting cash purchases of gold exceeding 100,000 yuan

Starting Aug. 1, individuals and entities engaged in the precious metals and gemstones industry are required to conduct customer due diligence based on the customer’s profile, transaction nature, and associated money laundering risks when a customer makes a single cash transaction or accumulates daily cash transactions totaling 100,000 yuan (US$14,000) or more.

The new regulation, issued by the People’s Bank of China (Central bank), mandates that practitioners handling cash transactions of 100,000 yuan — or its equivalent in foreign currency — for gold and other precious metals must fulfill anti-money laundering obligations.

Furthermore, for cash transactions reaching or exceeding this threshold, practitioners must submit a large-amount transaction report to the China Anti-Money Laundering Monitoring and Analysis Center within five working days of the transaction date.

This measure aims to strengthen oversight of cash transactions in the precious metals and gemstones sector, enhance financial transparency, and combat illicit activities. The new rules will take effect on Aug. 1, 2025.