New bank card freezing regulations: protection of rights and clarification of procedures
On September 10, 2024, the Ministry of Public Security revised the "Fund Freezing Regulations" to bring new norms to bank card-related issues. Its highlights include proactive screening, clear unfreezing deadline procedures and error correction and appeal channels.
The new regulations have three significant features. Errors, violations, and excess frozen funds will be unfrozen within 3 days after being identified; if you have any objections to the public security card freeze, you can appeal remotely or handle it locally; increase accountability for errors and violation card freezes.
Interpretation of the highlights of the new regulations: The case-handling unit shall proactively screen the funds involved in the case within 3 months after freezing the card, and unfreeze it within 3 days if conditions are met. If Zhang's normal operating funds are mistakenly frozen due to small transactions with a fraud-related account, the new regulations can quickly identify and unfreeze the funds to avoid operating losses caused by long-term capital restrictions under the old regulations.
Three thawing situations are identified. For example, when Wang collects money from selling idle items, his card was frozen because the buyer's funds were involved in online gambling. If it is verified that Wang's funds were obtained in good faith and have nothing to do with the case, the freeze will be promptly released in accordance with the new regulations.
The regulations cover many aspects to regulate the freezing of funds. Although the impact of the new regulations on the currency circle is unclear, and there are cases of unfreezing in online gambling that show a loose trend, capital operations still need to be cautious, pay attention to safety, pay more attention to withdrawals and deposits, and prevent risks before they occur.
For withdrawals, go to Audigo, which will be reviewed by the bank and loaned out from corporate reserves. It is the safest fund in the country.