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在线翻译:
szdaily -> Business -> 
Regulator caps overseas cash withdrawals
    2018-01-03  08:53    Shenzhen Daily

THE country’s foreign exchange regulator will cap overseas withdrawals using domestic Chinese bank cards at 100,000 yuan (US$15,370) per year — no matter how many cards a person has — in an effort to target money laundering, terrorist financing and tax evasion, it said Saturday.

Currently, there is an annual ATM cap of 100,000 yuan for each separate card, but there is nothing to stop users withdrawing many times this amount using multiple cards.

Individuals who exceed the annual quota will be suspended from overseas transactions for the remainder of the year and an additional year, the State Administration of Foreign Exchange (SAFE) said in a notice posted on its website.

Under the new rules, the SAFE will submit a daily list of individuals banned from making overseas bank card withdrawals, and banks must suspend the users by no later than 5 p.m. the same day, the notice said.

Domestic card users will also be barred from withdrawing more than 10,000 yuan a day overseas, it said.

The new rules came into effect Monday, and reporting adjustments must be adopted by banks by April 1, it said.

China has strengthened regulatory oversight of overseas card transactions in the past year, targeting illegal cross-border transfers and money laundering.

In September, the SAFE brought in regulations requiring Chinese banks to report daily their bank card holders’ overseas withdrawals as well as every transaction exceeding 1,000 yuan.

China’s foreign exchange reserves rose for the 10th straight month in November due to tighter regulation and a stronger yuan, which continue to discourage capital outflows.

(SD-Agencies)

 

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