Author: Sheng Cai

Source: GPLP

On March 6, 2020, Tenpay payment technology co., LTD. received an administrative penalty decision letter issued by Shenzhen central branch of the people’s bank of China, with fine of 400,000 yuan.

According to the punishment decision, Tenpay was fined 400,000 yuan by the Shenzhen central branch of the central bank for illegal ACTS such as failing to perform customer identification obligations and submitting suspicious transaction reports.

Meanwhile, Zhou Zhiming, deputy director of the suspicious transaction monitoring center of Tenpay’s risk control department at the time, was fined 20,000 yuan for his responsibility for illegal behaviors related to Tenpay.

Tenpay said it had rectified the problems identified in the public notice as soon as they were discovered. Subsequently, Tenpay will continue to strengthen compliance work under the guidance of the people’s bank of China. However, there is no more explanation about the specific reasons for the punishment.

According to public information, Tenpay is a third-party payment institution of tencent holdings, which is the operating entity of WeChat payment and QQ wallet. According to GPLP, Tenpay was last fined 1.49 million yuan by the central bank in September 2019, for violating rules governing payment and settlement management and protecting financial consumer rights.