Cross-border remittance of 5,000 yuan requires identity verification, which does not affect the individual's annual foreign exchange quota of 50,000 USD

Recently, the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission jointly issued the "Measures for the Management of Customer Due Diligence and Customer Identity Information and Transaction Record Retention by Financial Institutions," which clarifies that starting from January 1, 2026, for cross-border remittance business, remittances of more than 5,000 yuan or the equivalent of 1,000 US dollars per transaction must verify the accuracy of the remitter's information