PBoC to fine Tencent over AML breaches, report says

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The People’s Bank of China (PBoC) is set to fine tech giant Tencent a potential record amount for breaching anti-money laundering regulations. 

The identity verification procedures used by Tencent’s WeChat Pay do not meet legal standards, supervisors have found. WeChat Pay was also accused of allowing money laundering through illicit transactions such as gambling.

The PBoC uncovered the issues during inspections at WeChat Pay in the second half of last year, people familiar with the matter

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