Home News China Focus

Tencent dives on report of record fine for money-laundering

Bloomberg
Bloomberg3/14/2022 06:13 PM GMT+08  • 3 min read
Tencent dives on report of record fine for money-laundering
A probe into potential money-laundering would open a new front in Beijing’s sweeping crackdown on the internet industry.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Tencent Holdings extended losses to close more than 10% lower after the Wall Street Journal reported it faced a record fine for violating Chinese anti-money laundering regulations.

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, citing unidentified people familiar with the matter. 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.

A probe into potential money-laundering would open a new front in Beijing’s sweeping crackdown on the internet industry, an effort that’s already wiped out hundreds of billions of dollars in arenas from ride-hailing and e-commerce to online education. Tencent itself has thus far mostly escaped formal regulatory action. Unlike rivals Alibaba Group Holding and Meituan, the WeChat operator hasn’t yet been the direct target of any government probe.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now