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.

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