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The People’s Bank of China found Tencent’s WeChat Pay 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 merchants transacting on the platform, the Journal said.
The report comes as Beijing prepares to step up efforts to fight illegal fund flows, aiming to avert systemic risk and shore up the financial industry. In January, the central bank announced it will begin a nationwide campaign to clamp down on money laundering in the years to 2024.
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