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Tencent might have to pay record fine over WeChat payments, report says

Tencent Holdings Ltd (騰訊) faces a record fine after China’s central bank discovered its WeChat Pay (微信支付) had contravened money laundering rules, the Wall Street Journal reported, citing people familiar with the matter. The People’s Bank of China found Tencent’s payments platform had allowed the transfer of funds for illicit purposes such as gambling, the newspaper reported. WeChat Pay was also judged non-compliant with other rules that required Tencent to identify users and m...
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