3/14, 10:13 AM (Source: TeleTrader)
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Tencent might face fines due to regulations violation - report

Chinese tech firm Tencent Holdings Inc. is confronted with potential fines for certain central bank regulations violations by its WeChat Pay network, The Wall Street Journal reported on Monday.

Financial inspection recently unveiled that Tencent's WeChat Pay had disregarded Chinese anti-money-laundering regulations and had not adequately adhered to the "know your customer" and "know your business" procedures. The mobile payment network had also allegedly been used to transfer funds from illegal sources such as gambling.

The People's Bank of China, the country's central bank, came across the mentioned breaches during a regular check-up of WeChat Pay in late 2021. The amount that Tencent is to be fined with is still being discussed, with some indicating it could reach hundreds of millions of yuan, a significantly larger figure than is usually decided upon in cases of money laundering instances regarding nonbank payment firms.

Baha Breaking News (BBN) / SP