On December 26, the Shanghai headquarters of the People's Bank of China disclosed administrative punishment information showing that Deshi shares *** were warned and confiscated illegal gains for violating merchant management regulations and liquidation management regulations620,000 yuan, a fine of 8,630500,000 yuan. The two responsible persons were also warned.
Recently, there have been frequent payment institutions that have been subject to large fines. On December 18, the Guangdong branch of the People's Bank of China imposed administrative penalties totaling more than 40 million yuan on four payment institutions within one day. The Shanghai branch of the People's Bank of China also issued fines in December against a number of third-party payment companies and relevant persons in charge.
In view of the strong supervision of payment institutions, the Regulations on the Supervision and Administration of Non-bank Payment Institutions have been officially promulgated and will come into force on May 1, 2024.
A single institution was fined nearly 90 million yuan.
According to the information on the official website of the Shanghai headquarters of the People's Bank of China on December 26, on December 19, Deshi shares*** was warned and confiscated 242 illegal gains for violating merchant management regulations and liquidation management regulations620,000 yuan, a fine of 8,630500,000 yuan. The two responsible persons were also warned.
According to the information on the official website of Deshi Co., Ltd., the company was established on October 25, 2006, and is one of the earliest enterprises in Shanghai to obtain a third-party payment business license, and its main business scope includes prepaid card issuance and acceptance, Internet payment, etc. As of the end of June 2017, the cumulative number of valid cardholder customers exceeded 50,000, of which institutional customers accounted for more than 80%.
The payment institution that has recently been subject to large fines by regulators is not one of the above. On December 18, the Guangdong Branch of the People's Bank of China imposed administrative penalties totaling more than 40 million yuan on four payment institutions within one day.
The People's Bank of China Guangdong Branch Administrative Penalty Information Publicity Form shows that Guangdong Huika Business Service *** was fined for violating two payment and settlement management regulations, specifically: First, violating merchant management regulations;The second is to violate the regulations on the management of payment accounts.
In this regard, the Guangdong branch of the central bank issued a warning to the company and confiscated its illegal gains of 330590,000 yuan, and a fine of 1852960,000 yuan, with a total of 2,183 fines and confiscations560,000 yuan. At that time, Yang, the president of Guangdong Huika Business Services, was sued as the person directly responsible and fined 100,000 yuan. The date of the administrative penalty decision is December 18.
On the same day as the above-mentioned penalty decision, there were also penalties for Guangdong Xinhui e-commerce***Yilian Payment*** and Guangzhou UnionPay Network Payment***.
From the perspective of the cause of punishment, Guangdong Xinhui E-commerce*** and Guangzhou UnionPay Network Payment*** were both fined for violating merchant management regulations. Specifically, Guangdong Xinhui E-commerce was warned and confiscated illegal gains 198670,000 yuan and a fine of 993330,000 yuan, with a total of 1,191 fines and confiscations990,000 yuan, Wang Moujiang, then chairman and general manager of the company, was warned and fined 500,000 yuan as the person directly responsible. The cause of punishment is the same as that of Guangdong Huika Business Service***, both of which are due to violations of payment and settlement management regulations, specifically for violation of payment account management regulations and merchant management regulations. was warned and confiscated illegal gains130240,000 yuan, and a fine of 5.65 million yuan, with a total of 695 fines and confiscations240,000 yuan. All three responsible persons were fined and punished.
Shanghai: A number of payment institutions were also fined.
Not long ago, the Shanghai branch of the People's Bank of China issued fines to a number of third-party payment companies and relevant persons in charge under its jurisdiction.
On December 15, the Shanghai Branch of the People's Bank of China released administrative punishment information showing that Shanghai Yinshengbao electronic payment service *** was warned and confiscated illegal gains for violating two types of illegal acts: merchant management regulations and liquidation management regulations900,000 yuan, and imposed a fine of 1454200,000 yuan, a total of 1,756 confiscations100,000 yuan. Huang Moumou, then vice president of Shanghai Yinshengbao Electronic Payment Services, was responsible for violating the liquidation management regulations, was given a warning, and was fined 17250,000 yuan.
At the same time, Anfubao Business *** was warned and confiscated illegal gains for violating the account management regulations, violating the liquidation management regulations, failing to perform customer identification obligations as required, failing to submit large-value transaction reports and suspicious transaction reports as required, and trading with unidentified customers4160,000 yuan, and imposed a fine of 3.9 million yuan, a total of 394160,000 yuan. Yu Moudong, then general manager of Anfubao Commerce, was given a warning and fined 160,000 yuan.
Allinpay Network Services Co., Ltd. was warned and fined 2 million yuan for violating liquidation management regulations. Xiong Mousen, then chief consultant and executive president of Allinpay Network Services Co., Ltd., was responsible for the relevant violations of laws and regulations, gave a warning, and imposed a fine of 100,000 yuan.
In addition, Shanghai Shengpay electronic payment service*** was warned and fined 1 million yuan for violating the liquidation management regulations. He Mou, then vice president of Shanghai Shengfutong electronic payment service, was warned and fined 650,000 yuan.
It is understood that the Shanghai branch of the central bank made the above-mentioned administrative penalty decision in mid to early December.
Strong regulatory posture in the payment field.
According to information from China**.com, on December 17, the Regulations on the Supervision and Administration of Non-bank Payment Institutions (hereinafter referred to as the "Regulations") were officially promulgated and will come into force on May 1, 2024. The Regulations consist of 6 chapters and 60 articles, including clarifying the definition and establishment license of non-bank payment institutions, improving payment business rules, protecting the legitimate rights and interests of users, and clarifying regulatory responsibilities and legal responsibilities.
The responsible persons of the Ministry of Justice and the People's Bank of China said that the issuance of the "Regulations" will upgrade the effective system in regulatory practice to administrative regulations, further consolidate the legal foundation for the standardized and healthy development of payment institutions, and help create a law-based business environment, stabilize the expectations of all parties, stimulate market vitality, and also help protect the legitimate rights and interests of users, prevent and resolve risks, and promote the high-quality development of the non-bank payment industry.
Article 1 of the Regulations shows that in order to regulate the conduct of non-bank payment institutions, protect the legitimate rights and interests of the parties, prevent and resolve risks, and promote the healthy development of the non-bank payment industry, these Regulations are formulated in accordance with the Law of the People's Republic of China on the People's Bank of China, the E-Commerce Law of the People's Republic of China and other laws.
The Regulations have strengthened the guidance on the functional positioning and development of payment institutions, greatly enhanced the protection of users' rights and interests, formed a stronger legal guarantee in comprehensively strengthening supervision, preventing and resolving risks, and responded to the key hot issues of industry development, which is the 'basic law' for the healthy and sustainable development of non-bank payment business. The Payment and Clearing Association of China pointed out.
According to public data, as of the end of September, there were 185 non-bank payment institutions in the country, with a total annual transaction volume of more than 1 trillion yuan and an amount of nearly 400 trillion yuan, accounting for about 80% and 10% of the total electronic payment business in the country, respectively, with an average daily reserve balance of more than 2 trillion yuan, serving more than 1 billion individuals and tens of millions of merchants.
Editor-in-charge: Wang Lulu.
Proofreading: Peng Qihua.
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