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Alipay Fined 3 Billion Chinese Yuan

Alipay at the 2023 World Artificial Intelligence Conference in Shanghai, China, on July 7, 2023. Display the development achievements of trusted AI base stations, AIGC+ meta-universe, AIoT blockchain and other fields, especially noting the status of Alipay as the official partner of Hangzhou 2022 Asian Games. On the evening of July 7, 2023, the People's Bank of China issued an administrative punishment notice, and Alipay (China) Network Technology Co., Ltd. was warned by the central bank for seven illegal acts such as violating the payment account management regulations, confiscating the illegal income of 830.9 million yuan, and fined 2,231 million yuan, a total of 3,069.1 million yuan. Specific illegal acts include violation of payment account management regulations; Violating regulations on liquidation administration; Violating the provisions on matters related to the prevention of new types of illegal crimes in telecommunications networks; Failure to perform customer identification obligations as required; Transactions with unidentified customers; Violating regulations on the protection and administration of consumer financial information; Violating regulations on the protection and administration of the rights and interests of financial consumers. In addition, the relevant person in charge of Alipay institutions also received a number of tickets, and was fined a total of 2.95 million yuan. (Photo by Costfoto/NurPhoto)

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