Tencent’s WeChat Pay fined HK$875,000 by HKMA for lapses in customer due diligence

Quick Summary:

The HKMA’s investigation covered a period of five years up to October 2021, during which time WeChat Pay failed to implement adequate measures and controls.

Of these, 98 were associated with 84 customers who were subsequently reported to the Hong Kong government’s Joint Financial Intelligence Unit (JFIU).

The JFIU, which is jointly operated by the police and Customs and Excise Department, oversees the government’s suspicious transaction reporting regime and disseminates information to law enforcement agencies and financial intelligence units worldwide.

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Article Details

Author / Journalist: Salina Li

Category: Business

Markets: Hong Kong

Topics: Information Customer Hong Authority Kong Diligence Procedures Monetary Wechat Hkma Been

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-30 @ 20:24:25 (1 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 448 words

Reading Time: 3 minutes read

Sentences: 15 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22307826

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