Tencent is facing a potential record fine for violations of some central bank regulations by its WeChat Pay mobile network
China’s central bank found regulatory breaches and lapses during a recent inspection of the ubiquitous payments network
China’s Tencent is backing the developers of blockbuster videogames such as “Pokémon Unite” and “League of Legends.” But Beijing’s crackdown on the industry at home, including when minors can play online games, could affect the company’s global videogame empire. Photo composite: Sharon ShiHONG KONG—Chinese technology giant Tencent Holdings Ltd.
Financial regulators recently discovered that WeChat Pay had flouted China’s anti-money-laundering rules and had lapses in compliance with “know your customer” and “know your business” regulations, among other things, some of the people said. Tencent’s ubiquitous mobile payments network was also found to have allowed the transfer and laundering of funds with illicit transactions such as gambling, the people added.
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