Beijing Requires Home Buyers to Use Own Bank Accounts
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Source: BFW (Bloomberg First Word)
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(Bloomberg) -- Beijing will require both buyers and sellers to use their own bank accounts in home purchase transactions to prevent money laundering and other crimes, according to rules posted on PBOC Beijing website late Thursday.
- Rules recommend bank transfers as method of payment
- Banks should file anti-money laundering report for cash transactions with daily amount over 50,000 yuan, according to the rules effective on May 1
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
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UUID: 7947283