The Hong Kong Monetary Authority (HKMA) announced on August 30 that WeChat Pay Hong Kong Limited (WPHK) was fined HK$875,000 for failing to meet regulatory standards under the Payment Systems and Stored Value Facilities Ordinance (PSSVFO). The penalty follows an investigation that revealed WPHK’s inadequate control systems for anti-money laundering and counter-terrorist financing measures from August 2016 to October 2021. The HKMA found deficiencies in customer due diligence and enhanced due diligence practices. The HKMA noted that WPHK has taken corrective actions and cooperated fully during the investigation.
Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/08/20240830-7/