PBOC Steps Up Offsite Monitoring of Payments Organisations, Mandates Reporting of Management and Equity Shifts


The Chinese central bank has just upgraded its off-site monitoring system for payments providers and issued new related requirements.

According to a report from Paynews.net starting from January 2019 legal person payments organisations are required to submit data on their reserve sums for the previous month to the Chinese central bank’s monitoring system within the first five working days of each month.

The Chinese central bank also requires that legal person payments organisations strictly maintain the accuracy and timeliness of their basic information, equity structure information, senior management information, contact person information, sub-company information, outsourced service provider information and other information.

Chinese payments organisations are now required register any changes to the above information within five working days of such changes taking place.

The Chinese central bank’s monitoring system for the payments sector first commenced operation at the start of 2017, with its branch entities arranging for the comprehensive collection and analysis of the basic information, reserve information, operational information and management information of payments providers.

The “Non-bank payments Organisation Off-site Monitoring System Administrative Measures” (非银行支付机构非现场监管系统管理办法) requires that payments organisations submit information in three main categories.

The first is organisational information, encompassing basic information, equity structure information, contact person information and information on senior personnel.

The second category of operational information includes organisational relationships, accounts information, reserve sum information, risk reserve information, irregular transactions, operational indices and operating status, while the third category of regulatory information includes annual regulatory reports.