China’s central bank said on Monday (21, Feb, 2022) that it will postpone for technical reasons the implementation of a recent regulation that mandate financial institutions to verify clients’ identity and manage transaction records.

The regulation was originally set to come into effect on March 1. The regulation postponed on Monday required individuals to disclose the source and purpose of a cash withdrawal or deposit on a single transaction if the amount reaches 50,000 RMB or 10,000 USD, according to the National Business Daily, which drew widespread attention from the public.

According to a statement issued by the People’s Bank of China (PBC) on Monday, financial institutions across the country need to review their internal management mechanisms, information systems and business procedures, while implementing personal training in line with the different standards and requirements for a variety of financial products contained in the regulations.