Tencent Will Be Fined For Violating China’s Anti-money-laundering Rules

Share post:

According to the WSJ report on Monday, Tencent faces a potential fine for violating China’s anti-money-laundering rules.

The report stated that the company violated some central bank regulations on its WeChat Pay mobile network.

Tencent’s violation was uncovered during a routine inspection of WeChat Pay that was concluded in 2021.

While WeChat broke China’s anti-money-laundering rules, the company also had lapses in compliance with “know your customer” and “know your business” regulations.

Tencent’s mobile payments network was also found to have allowed the transfer and laundering of funds with illicit transactions such as gambling.

The fine size has not been ascertained but it is expected to be at least hundreds of millions of yuan.

China has continued the move to regulate the tech world and most especially regulate the activities of big tech platforms operating in the country.

In January, China launched a three-year campaign to fight money laundering in a bid to safeguard national security and social stability.

For more information, read the original story in Reuters.

SUBSCRIBE NOW

Related articles

Intel CEO Pat Gelsinger Retires Amid Record Losses and Ongoing Restructuring

Intel CEO Pat Gelsinger has announced his retirement effective December 1, marking the end of a challenging tenure...

Qualcomm Explores Potential Acquisition of Intel

In a shocking turn of events in the semiconductor industry, Qualcomm has, as reported in the New York...

Intel’s contract manufacturing hits setback with quality issues

Intel’s contract manufacturing business has encountered a major setback after silicon wafers produced for Broadcom failed to meet...

Dell has another major round of layoffs

Dell has initiated another round of layoffs, affecting a significant number of employees, including long-term company veterans. HR...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways