If law-abiding citizens are subjected to numerous inconveniences and ordinary people bear excessive "proof costs," the ultimate casualty will be trust itself, severely damaging the comprehensive social governance system.

On the first day of 2026, the "Measures for the Management of Customer Due Diligence and the Preservation of Customer Identity Information and Transaction Records by Financial Institutions" (hereinafter referred to as the "Management Measures") came into effect. Among its provisions, the requirement for individuals to register the source of funds for cash deposits or withdrawals exceeding 50,000 yuan was abolished.

Furthermore, the "Management Measures" state that when higher money laundering risks are present, banking institutions must "strengthen investigations" to understand the source and use of funds; for low-risk scenarios, simplified measures are to be adopted.

This means that henceforth, when handling relevant transactions, banking institutions will no longer uniformly inquire about the source of funds for all individuals depositing or withdrawing over 50,000 yuan in cash. Instead, they will determine whether additional questions are necessary based on the risk profile, thereby balancing "security" with "convenience."

On March 1, 2022, to combat financial crimes such as telecom fraud and money laundering, regulatory authorities introduced the rule requiring registration of fund sources for individual cash transactions exceeding 50,000 yuan. The aim was to fortify financial security defenses and cut off channels for illicit fund flows at the source.

This regulation was controversial from its inception and throughout its implementation. The focus of debate included two main aspects: first, it created inconvenience and was suspected of violating the Commercial Bank Law; second, it was suspected of infringing upon individual rights and harming personal dignity. Under various pressures, the regulatory authorities responded to public sentiment by revising some past measures, hastening the introduction of the aforementioned "Management Measures."

It should be recognized that the "Management Measures" do not merely balance "security" and "convenience"; their deeper significance lies in the respect for personal dignity.

According to the original rule, depositing or withdrawing over 50,000 yuan in cash required registering the source and destination of the funds. This essentially constituted an illegitimate preemptive presumption regarding the client's fund sources and uses, forcing customers to prove their innocence under a cloud of suspicion. Paraphrasing a past saying: the bank frequently asking individuals about the source and destination of their funds causes limited practical harm but significant psychological harm.

In the author's view, when problems arise in certain areas, forcing everyone to undergo a "health check" and provide their own "medical report" is a transfer of responsibility leveraging a position of advantage.

Data from the central bank shows that cash transactions exceeding 50,000 yuan account for only 2% of total transaction volume. While strict control measures have limited practical impact on the majority, their psychological deterrent effect far exceeds the statistical reality. Some of this "deterrence" is healthy and necessary, while some extends beyond the original considerations of the system's design.

While abolishing the rule requiring registration of fund sources for individual cash transactions over 50,000 yuan, the aforementioned "Management Measures" also leave a provision: when higher money laundering risks are present, banks must "strengthen investigations" to understand the source and use of funds. In the implementation of this rule, full respect for individual privacy rights and personal dignity must also be ensured.

Additionally, further efforts are needed to rationalize the legal system framework, serving both the needs of the broader situation and genuinely addressing public concerns.

The current Commercial Bank Law stipulates: Commercial banks shall ensure that the lawful rights and interests of depositors are not infringed upon by any unit or individual; when handling personal savings deposit business, commercial banks shall adhere to the principles of voluntary deposits, freedom of withdrawal, interest on deposits, and confidentiality for the depositor.

The revision of the Commercial Bank Law is now entering the agenda. Since its last revision in 2015, many circumstances have changed. Numerous fundamental issues, including the principles commercial banks should follow—voluntary deposits, freedom of withdrawal, interest on deposits, confidentiality for depositors—and the requirement for commercial banks to provide services for anti-telecom fraud efforts, need to be confirmed through new legislative forms. Only in this way can public doubts be alleviated, particularly regarding the protection of personal dignity.

In summary, if law-abiding citizens face numerous inconveniences and ordinary people bear excessive "proof costs," the ultimate casualty will be trust itself, severely damaging the comprehensive social governance system. The removal of the requirement to register fund sources for individual cash deposits or withdrawals exceeding 50,000 yuan demonstrates respect for personal dignity, which is equally as important as "security" and "convenience."