The central bank issued the first ever RMB 100 million fine for third-party payment institutions.
On April 30th, the administrative punishment information publicity issued by the Beijing Business Management Department of the People ’s Bank of China showed that Shangyinxin Payment Service Co., Ltd. was given a warning to confiscate the illegal income 5009.097471 million yuan, and imposed a fine of 65.88694167 million yuan, a total of 1159.7791638 million yuan was confiscated.
Why is Shangyinxin fined?
The Central Bank ’s Beijing Administration Department listed a total of 16 types of illegal activities: unauthorized suspension of payment business; misappropriation of reserves; disguised lending of prepaid card issuance and acceptance qualifications; Carry out centralized deposits of reserve funds as required; fail to set up special merchant bank settlement accounts as required; fail to strictly implement the real-name system of special merchants, and exist merchants with false data; fail to detect the situation of disposing special merchants’ transfer payment interface in time; an illegal fund-raising platform Provide payment and settlement services directly; violate T + 0 capital settlement service management regulations; fail to effectively identify customers who purchase prepaid cards, and there are cases where card purchasers purchase prepaid cards in bulk in the name of employees of Shangyinxin; core system of prepaid cards The information collection is not comprehensive; the prepaid card business does not manage the customer’s reserve fund according to the regulations; the merchant data of the prepaid card business is not kept according to the regulations; the merchant funds are not settled according to the regulations; Problems with network access materials and cooperation agreements; failure to manage special merchant credits in accordance with regulations in the Internet payment business Contact information management systems.
Not only the company itself, the central bank ’s fines are also aimed at company executives. He was responsible for three violations of the law, including the failure to discover and dispose of special merchants ’transfer payment interface in a timely manner, the provision of payment settlement services for illegal fund raising platforms, and the violation of T + 0 capital settlement service management regulations. Yao and then Zhang Yue, the director of the risk management department of Shangyinxin, who was the senior risk control manager, were given warnings and fined 450,000 yuan and 200,000 yuan respectively.
Shangyinxin Payment Service Co., Ltd. was established in Beijing in September 2007 and obtained a third-party payment license in 2012. The current business types include prepaid card issuance and acceptance ( Beijing, Guangdong, Qinghai), Internet payment (nationwide).
In November last year, German payment company Wirecard stated that it planned to gradually acquire shares in AllScore Payment Services Co., Ltd. (AllScore Payment Services.
Tianyan check showed that in December last year, Beijing Apple Information Consulting Co., Ltd., which holds 98.24% of the shares of Shangyinxin, changed its business information, and added” JOY DRAGON CONSULTANTS LIMITED “(Xinlong Consultants Limited Company) and “WirecardAcquiring & Issuing GMBH” two foreign companies, former natural person shareholder Chen Jia withdrew.