China’s State Administration of Foreign Exchange has slapped an annual cap on overseas cash withdrawals for UnionPay cardholders at 100,000 yuan (US$15,713) or its equivalent per card, effective next year.

The new rules are in addition to the 10,000 yuan equivalent daily cap per UnionPay cardholder. Between October 1 and December 31 this year, overseas withdrawal is limited to 50,000 yuan equivalent, according to a SAFE circular sent to banks and seen by the South China Morning Post.

SAFE requires banks to add accounts that exceed the cap to a watch-list and forbid further cash withdrawals outside of China. The administration said the measures were to rein in potential money-laundering activities.