When you mince a hand, think twice before you do it.
In 2018, China's central bank issued a notice on the requirements for large transaction reporting by non-bank payers.
From January 1, 2019, non-bank payers will submit large trading reports to the central bank.
Any transfer exceeding the prescribed amount shall be submitted to the Central Committee.
In other words, we use payment terms such as Alipay, WeChat Pay and so on in Australia, the central bank may know where your money comes from, how to spend it.
Relevant experts said: this provision is mainly aimed at the use of third-party payment platform money laundering and other illegal acts.
Specific policy
According to the notice, a non-bank payment institution shall, on a customer basis, calculate and report the following large transactions on the basis of unilateral accumulation of capital income or expenditure.
one
Cash receipts and expenditures of over 50,000 yuan (including 50,000 yuan) in foreign currency and more than 10,000 US dollars (including 10,000 US dollars) in foreign currency on a single transaction or cumulative transaction on the same day.
Explanation: using payment methods such as Alipay and WeChat, more than 14200 Australian dollars a day may be reported to the central bank.
People who are likely to be tracked include students paying tuition fees, property buyers, luxury buyers, and people who need more than A $14,199 a day.
（一加一后所得） two
The non-natural person customer payment account and other accounts on the day of the single or cumulative transaction amount of RMB 2 million (including 2 million yuan), foreign currency equivalent of more than two hundred thousand US dollars (including two hundred thousand US dollars) transfers.
Explanation: non-Chinese citizens, transfer transactions with others, whether transferred or transferred, a daily amount of more than 284000 Australian dollars, will be reported to the central bank.
People who are likely to be tracked include overseas investors who rely on third-party payment platforms, home buyers, and so on.
three
A single or cumulative transaction amount of RMB five hundred thousand (including RMB five hundred thousand) or foreign currency equivalent of US $ one hundred thousand (including US $ one hundred thousand) shall be transferred between the payment account of a natural person customer and other accounts on the date of occurrence.
Explanation: Chinese citizens, using third-party payment platforms within China, will be reported to the central bank for more than 500000 yuan and 142000 Australian dollars.
People who are likely to be tracked include people who invest in China and buy their own homes.
（三加一后所得） fou
A single or cumulative transaction value of more than two hundred thousand yuan (including two hundred thousand yuan) in foreign currency and more than $10, 000 (including 10, 000 US dollars) in foreign currency is transferred between the payment account of a natural person client and other bank accounts on the day of the occurrence of the transaction.
Explanation: Chinese citizens, paid by third parties, cross-border transfers of more than A $14,199 will be reported to the central bank.
People who are likely to be tracked include: parents of foreign students, etc.
This rule will come into effect on January 1, 2019.
In 2018, payment agencies for anti-money laundering violations, received the corresponding regulatory fines.
The measures also stipulate that on the same day, customers will trade in cash receipts and expenditures of more than 50,000 yuan (including 50,000 yuan) and foreign currency equivalent of more than 10,000 US dollars (including 10,000 US dollars) on a single or cumulative basis, as well as financial institutions, Institutions other than non-bank payment institutions shall submit large transaction reports within 5 working days of the transaction.
In other words, the use of a third-party payment platform, more than a specified amount of money transfer or consumption, will be known to the central bank in about five days.
This policy adjustment, mainly aimed at offshore money laundering behavior.
Some people worry, is that I can not exceed that amount?
This is not the case. From the point of view of the new regulations, it is mainly the rules and requirements of the organization, which do not allow enterprises and individuals to fulfil their reporting obligations. Therefore, as long as normal transactions are conducted, there will be no perception on the part of all of us.