China to Put Alipay, Tenpay Under Tighter Anti-Money Laundering Scrutiny
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China’s central bank is moving to bring the country’s two payment giants, Ant Group Co. Ltd.’s Alipay and Tencent Holdings Ltd.’s Tenpay, under its direct anti-money laundering supervision, a significant escalation in Beijing’s campaign to manage financial risk at its most systemically important institutions.
The move is part of a proposed regulatory overhaul that would subject 27 major financial firms — including top banks, brokerages and insurers — to the direct oversight of the People’s Bank of China’s (PBOC) headquarters for compliance with rules against money laundering and terrorism financing.
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- China’s central bank plans to bring Alipay and Tenpay under direct anti-money laundering supervision, expanding oversight from 23 to 27 major financial firms.
- The move aligns with a stricter Anti-Money Laundering Law effective January 2024 and prepares for China’s 2025-2027 FATF evaluation.
- The regulation focuses on top banks, insurers, brokers, and payment giants handling vast transaction volumes and cross-border flows.
- Ant Group Co. Ltd.
- Ant Group's Alipay is one of China's two major payment giants, alongside Tencent's Tenpay. It handles immense transaction volumes and is now subject to direct anti-money laundering supervision by the People's Bank of China (PBOC) headquarters. This move is part of a regulatory overhaul, formalizing PBOC oversight of Alipay due to its systemic importance and vast data troves, aligning with stricter AML laws and global standards ahead of an international review.
- Tencent Holdings Ltd.
- Tencent Holdings Ltd., through its Tenpay service (operator of WeChat Pay), is set to come under direct anti-money laundering supervision by China's central bank. This is part of a regulatory overhaul expanding oversight to 27 major financial firms, aligning with stricter anti-money laundering laws and global standards ahead of an international review.
- NetsUnion Clearing Corp.
- NetsUnion Clearing Corp. is a payment-platform clearinghouse in China. According to a draft regulation from the People's Bank of China (PBOC), it will be added to a list of 27 major financial firms under the direct anti-money laundering supervision of the PBOC headquarters. This is part of a broader regulatory overhaul to manage financial risk and align with global anti-money laundering standards.
- China UnionPay Co. Ltd.
- China UnionPay Co. Ltd. is a bank card network that, along with its international arm, is now counted as two separate entities under the direct oversight of the People's Bank of China's headquarters for anti-money laundering and terrorism financing compliance. This is part of a regulatory overhaul aimed at aligning China with global standards.
- January 1, 2025：
- China implemented a new, stricter Anti-Money Laundering Law.
- July 18, 2025：
- The People's Bank of China released a draft regulation to expand the number of financial firms under its headquarters’ direct oversight, adding Alipay, Tenpay, and NetsUnion Clearing Corp.
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