Postal Savings Bank strengthens customer identity information management for digital RMB, preventing money laundering risks

Postal Savings Bank strengthens customer identity information management for digital RMB, preventing money laundering risksIn recent years, the digital RMB has been promoted in multiple pilot regions across China, and the potential risks brought by its anonymous nature have gradually emerged. Low-authority digital RMB wallet users may face anonymity risks during use, which could be exploited by money launderers

Postal Savings Bank strengthens customer identity information management for digital RMB, preventing money laundering risks

In recent years, the digital RMB has been promoted in multiple pilot regions across China, and the potential risks brought by its anonymous nature have gradually emerged. Low-authority digital RMB wallet users may face anonymity risks during use, which could be exploited by money launderers. To effectively prevent money laundering risks and maintain financial order, Postal Savings Bank recently issued an announcement stating that it will strengthen customer identity information management for digital RMB in accordance with relevant anti-money laundering policies.

Improve identity information for account security

On July 1, Postal Savings Bank published an article on its official website stating that according to the "Anti-Money Laundering Law of the People's Republic of China", "Measures for Financial Institutions on Customer Identity Verification and Management of Customer Identity Information and Transaction Records", and "Guidelines for Anti-Money Laundering and Anti-Terrorist Financing Work for Digital RMB" and other legal regulations, it will further strengthen the verification of the completeness and validity of personal customer identity information for digital RMB. The verified customer identity information includes: name, gender, nationality, occupation, address or address of work unit, contact phone number, type, number, and validity period of identity documents or identity certificates.

For personal customers with incomplete identity information, those who have not retained a copy of their ID card, or whose ID card has expired and has not been updated in a timely manner within 90 days, Postal Savings Bank will take measures such as lowering transaction limits and restricting financial services for the customer's wallet.

Provide convenient update channels to ensure normal wallet use

To ensure the normal use of customer wallets, Postal Savings Bank provides a variety of convenient update channels for customers to improve their identity information. Customers can upload copies of their certificates and update the validity period of their certificates through the digital RMB APP client, Postal Savings Bank mobile banking client, or visit any branch of the bank with their valid ID card to update and improve their customer identity information. Once the information is complete and accurate, the wallet function can be restored.

Anti-money laundering trends in the banking industry

Postal Savings Bank's recent governance measures are not an isolated case. Recently, multiple banks, including Qinghai Bank and Guangdong Xingning Rural Commercial Bank, have also launched customer identity information governance initiatives. This trend is consistent with the guidance of the Anti-Money Laundering Bureau of the People's Bank of China. The People's Bank of China emphasizes the need to promote a shift in anti-money laundering work from "rule-based" to "risk-based", achieving a leap from following international standards to leading in some areas.

Faced with the increasingly complex financial environment, the banking industry is comprehensively enhancing its anti-money laundering capabilities through a variety of measures, including improving systems and innovating technologies. This not only helps maintain financial order but also lays the foundation for the healthy development of digital RMB.

Conclusion

While the anonymous nature of digital RMB offers convenience for users, it also poses potential risks. Banks strengthening customer identity information management is a necessary measure to prevent money laundering risks and maintain financial security. Through system improvements and technological innovation, the banking industry will continuously enhance its anti-money laundering capabilities, safeguarding the healthy development of digital RMB.