Development Status of Account System and Customer Identification System in Mainland China's Financial Market
Policy First, Actively Layout Modern Account System and Customer Identification System
In 2007, Mainland China officially became a member of FATF, and in 2012, it became the 13th member country that fully met the third round of mutual evaluation criteria of FATF. On this basis, the People's Bank of China issued the"Notice of the People's Bank of China on Strengthening the Work Related to Anti-Money Laundering Customer Identification" (hereinafter referred to as the"Notice") on October 20, 2017, which puts forward more specific and stricter requirements for financial institutions' anti-money laundering customer identification KYC work.
In order to better implement the KYC principle and meet the needs of customers for convenience, the banking industry in mainland China has comprehensively promoted the classified management of personal bank accounts and personal payment accounts in recent years. According to the management idea of encouraging innovation and preventing risks, the banking industry in mainland China has divided account types into three categories: I, II and III since 2016, and endowed different types of accounts with different functions according to the degree of real name and account positioning:
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Category I accounts |
Class II accounts |
Class III accounts |
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Main functions |
Deposit personal wages and other major funds, cash deposit and withdrawal, large transfer, consumption, purchase of investment and wealth management products, public utility payment, etc. |
Personal daily credit card consumption, online shopping, online payment, purchase of bank investment and wealth management products, etc. |
It is used for transactions and mobile payment services with small amount and high frequency, including secret-free transactions, etc. |
With the rapid development of mobile Internet and mobile intelligent terminals, Mobile payment has gradually penetrated into the field of daily life, The central bank further improved and refined the account classification management, The purpose is to promote Class II and III households to become the main channels for individuals to handle small consumption payment services such as online payment and mobile payment. At the same time, banks are also allowed to issue small consumption loans of the Bank to Class II and III households and repay, issue loans and repay loan funds through Class II and III households, without being subject to transfer limits.
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