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The People's Bank of China has promulgated the "Measures for the Administration of Anti-Money Laundering and Counter-Terrorist Financing for Institutions Engaged in Precious Metals and Gemstones", set to take effect on August 1, 2025. These measures mandate that institutions within the sector conduct thorough due diligence investigations adhering to the "Know Your Customer" (KYC) principle in scenarios such as when a single or cumulative daily transaction exceeds RMB 100,000, suspicions arise that a customer might be engaged in money laundering activities, or there are doubts concerning previously gathered customer identification information. These investigations must be meticulously carried out both before and after transactions, tailored to each customer's assessed money laundering risk profile.
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