Chinabank Payments, a unit of e-commerce company JD.com, has been penalized for illegally transferring foreign currencies oversea <\/p>\n\n\n\n\n\n\n\n
China.- China has imposed the largest financial fine to date on a third-party payment processor for its links to illegal gambling sites. <\/p>\n\n\n\n
According to local media, the amount that the accused part has to pay grows to RMB 29.4 million (\u20ac 3.7 million). That is the fine on Internet Banking Online (Beijing) Technology Co Ltd, aka Chinabank Payments, a Beijing-based payment processor owned by JD Finance.<\/p>\n\n\n\n
Chinabank was prosecuted for assisting mainland residents in transferring currency overseas. That included transferences to internationally licensed online gambling sites made between May 2017 and May 2018.<\/p>\n\n\n\n
China\u2019s Ministry of Public Security announced some weeks ago that it had investigated nearly 46000 cybercrime cases in the first 10 months of 2019. 5,797 of them involved online gambling.<\/p>\n\n\n\n
\u201cChinabank Payments seriously reflected on our business management and carried out rectifications. We apologize for the negative impact we caused to the industry\u201d, quoted a company\u2019s spokesperson according to Reuters news agency. The statement added that the company had expelled the merchants involved in the case after an internal investigation found problems.<\/p>\n\n\n\n
Chinabank Payments also said that in 2017 the platform had been negligent with some of its users\u2019 access, which was then exploited by a number of external merchants to make illegal transactions.
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Chinabank Payments, a unit of e-commerce company JD.com, has been penalized for illegally transferring foreign currencies oversea<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Chinabank Payments, a unit of JD.com, has incurred a record RMB 29.4 million fine in China for facilitating illegal overseas currency transfers to internationally licensed online gambling sites between May 2017 and May 2018. This enforcement action highlights China's intensified crackdown on cybercrime and illicit capital outflow linked to online gambling, prompting Chinabank Payments to acknowledge negligence and implement rectifications.","focusai_entities":"Chinabank Payments, JD.com, JD Finance, Internet Banking Online (Beijing) Technology Co Ltd, China\u2019s Ministry of Public Security, Reuters","focusai_location":"China, Beijing","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.95), operator_casino (0.85), payments_fraud_aml (0.98), investor_analyst (0.9), supplier_vendor (0.9), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Payment Processor Due Diligence?","query":"What enhanced due diligence and AML protocols are now expected from payment service providers to mitigate similar regulatory risks, particularly in jurisdictions with strict capital controls?"},{"label":"JD.com Strategy Impact?","query":"How will this significant enforcement action influence JD.com's broader financial services strategy and its governance framework for subsidiaries like Chinabank Payments?"}],"footnotes":""},"categories":[160,16338,439,156],"tags":[227,512,228],"class_list":["post-1048","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-east-asia-news","category-legal-news","category-regulation-news","tag-china","tag-gaming","tag-illegal"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=1048"}],"version-history":[{"count":11,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1048\/revisions"}],"predecessor-version":[{"id":21160,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/1048\/revisions\/21160"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=1048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=1048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=1048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}