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Central Bank Fines Payment Providers for Flouting Rules

China’s central bank has named and shamed two third-party payment service providers for violating payment and money settlement rules. Photo: VCG
China’s central bank has named and shamed two third-party payment service providers for violating payment and money settlement rules. Photo: VCG

* Kayou Payment Services Co. Ltd.ordered to hand over 25.8 million yuan, while Free Me Pay told to surrender 8.9 million yuan

* The central bank has introduced a series of rules to strengthen oversight of the third-party payment industry as part of its efforts to fight crimes such as fraud and money laundering

(Beijing) — China’s central bank has slapped fines of more than $5 million on two third-party payment firms and banned them from providing a key service in dozens of provinces, as the government intensifies its crackdown on companies that flout payment and money settlement rules.

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