Nine Chinese Payments Providers Summoned to Discuss Regulatory Breaches and Risk Issues
The Payment & Clearing Association of China (PCAC) has summoned nine of the country’s payments companies to discuss potential regulatory breaches and risk issues.
From 16 – 18 October Wang Suzhen (王素珍), vice-chair of PCAC, engaged in discussions with the executives of nine payments companies on risk issues including failure to properly implement inspection duties and monitoring of transactions, and failure to perform standardised assessment of online e-vendors.
Wang called for payments companies to further strengthen internal controls and regulatory compliance, standardise assessment of e-vendors, strengthen transaction monitoring and increase the vigour of inspections.
PCAC also called for payments companies to adopt effective measures, expand investment, appropriately handle customer complaints, satisfy the reasonable and lawful demands of customers to the greatest extent possible, and implement their corporate and social responsibilities.
Wang said that PCAC would continue to adopt measures including tracking and supervision, inspection visits and collective meetings in accordance with the “Payments and Settlement Legal and Regulatory Breach Reporting Incentive Measures” (支付结算违法违规行为举报奖励办法) and the requirements of related regulations.