Chinese online lender MYBank, which is backed by the embattled Ant Group, has been hit with a RMB 22.37 million ($3.52 million) fine by the People’s Bank of China for several violations such as breaking anti-money laundering rules, reports Caixin. MYBank was criticized for failing to follow regulations on financial statistics, account management, transaction clearing management, know-your-customer requirements and requirements to report suspicious transactions, the Hangzhou branch of the People’s Bank of China said in a statement.
Nine staffers were also fined a combined RMB 490,000 for their parts in the violations, the regulator said. The fines were part of penalties against MYBank after a 2020 inspection by the central bank. MYBank fixed the relevant problems in 2020.
Chinese regulators have stepped up scrutiny of financial institutions’ compliance under a broader campaign to crack down on financial risks. In 2021 alone, regulators handed down penalties including more than RMB 10 million of fines to 14 institutions.