Feb 08, 2022 06:53 AM

FINANCE

Ant-Backed MYBank Fined for Anti-Money Laundering Violations

By Liu Ran and Han Wei

MYBank, one of China’s first privately funded online-only banks, received three fines since 2020

MYBank, one of China’s first privately funded online-only banks, received three fines since 2020

Ant Group-backed online lender MYBank was slapped a 22.37 million yuan ($3.52 million) fine by China’s central bank for multiple violations including breaching credit scoring management and anti-money laundering rules.

MYBank was criticized for failing to follow regulations on financial statistics, account management, transaction clearing management, know-your-customer requirements and requirements to report suspicious transactions, the Hangzhou branch of the People’s Bank of China said in a statement.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: Powerful Quake Strikes Off Japan

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

China Business Uncovered Podcast: Inside the Fall of ‘China’s LVMH’

00:00

00:00/00:00

MOST POPULAR

1: Chief Designer of China’s J-20 Stealth Fighter Disappears From Elite Academic Roster

2: Exclusive: First Chinese Supertanker Loads Saudi Crude via Red Sea, Bypassing Strait of Hormuz

3: Qatar Helium Shutdown Adds New Risk to Chip Supply Chain

4: Analysis: China’s Plan to Tackle Weak Demand, Low Inflation

5: Cover Story: U.S.-Israel War With Iran Drifts Toward Attrition

SPONSORED

OR