from TRU News:
China is cracking down on people who withdraw large sums of money from Chinese bank accounts using foreign ATMs.
The South China Morning Post is reporting new rules put in place will restrict anyone holding a domestic bank account to withdrawing a maximum of 100,000 yuan—approximately $15,000—per year. This rule applies to a single person, regardless of how many accounts or ATM cards one might have.
The daily limit on ATM withdrawals remains 10,000 yuan per card.
Previously, the annual limit was 100,000 yuan per card, but there were no rules prohibiting an account from having multiple cards, or using multiple accounts to skirt around the rules. In a statement released Saturday, the State Administration of Foreign Exchange said if any Chinese bank customer is found using mainland bank cards to withdraw more than 100,000 yuan from overseas ATMs within a calendar year, he or she will be barred from taking out cash abroad using any mainland bank card for the rest of the year as well as the following year.
The regulator’s statement said the restrictions were necessary to restrict money laundering, terrorism financing, and tax evasion.
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