New Regulations on Bank Card Freezing
The regulations for unfreezing bank cards have really arrived, we've finally been waiting for you.
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On September 10, 2024, the Ministry of Public Security revised the previously issued "Funds Freezing Regulations" and provided a brand new explanation regarding the current issues of freezing and unfreezing bank cards. The main highlights are: the addition of a proactive identification phase, and a clear specification of the unfreezing deadlines and processes. At the same time, for erroneous freezing and illegal freezing issues, a complaint channel for correcting mistakes has also been provided.
Let’s discuss in detail the highlights of the new unfreezing regulations issued by the Ministry of Public Security on September 10.
1. Institutions that freeze cards have the obligation to proactively identify and verify. This means a departure from the previous practice of indefinite freezing; the investigating unit should actively identify and verify the involved funds within 3 months after freezing the card. Once the conditions for unfreezing are met, they must unfreeze without conditions within 3 days.
2. For which frozen card issues should the investigating unit unfreeze within 3 days after proactive identification? There are mainly three types of frozen cards: those confirmed to be unrelated to the case, funds obtained in good faith, and issues of excessive freezing.
Funds not related to the case must be unfrozen if it is confirmed they are not related to upstream fraud or gambling cases. Moreover, the freezing agency needs to proactively identify within three months, rather than ignoring it. If the identification obligation is not completed within the 3-month period, or if it cannot be confirmed that the funds are related to the case, they must unfreeze within 3 days.
This specific regulation, titled "Several Provisions on Regulating the Application of Fund Freezing Measures in Handling Criminal Cases" (Public Document No. [2024] 22), issued on September 10, 2024, is the latest regulation on frozen cards. Here are some main contents:
1. Strict freezing processes;
2. Standardize legal documents;
3. Clarify freezing channels;
4. Precise identification of funds;
5. Caution in overall freezing;
6. Strengthen online review;
7. Limit identification deadlines......
However, whether this has any effect on the cryptocurrency sector is currently unclear. It is known that there are some unfreezing cases in gambling, overall, it has loosened a bit, but whether it is true is still uncertain. Particularly in terms of cashing out, attention to the safety of funds is necessary; it’s better to be cautious than to take unnecessary risks. For cashing out, contact Audi Brother (bank review, corporate reserve fund disbursement), and for cashing in, also reach out to Audi Brother (who can introduce reliable U traders);
