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PBC Issues Administrative Measures for Reports on Significant Issues of Non-bank Payment Institutions
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Chinese
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Category：Legislative Updates
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Subject：Finance
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Keywords：payment regulation; money laundering
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Source：Pkulaw
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Publish Date：08-05-2021
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Recently, the People's Bank of China (PBC) issued the Administrative Measures for Reporting on Significant Issues of Non-bank Payment Institutions, effective as of September 1, 2021.
According to the document, a non-bank payment institution need to report the following matters to the local branch of the PBC in advance: 1) “Where the payment institution intends to make an IPO or issue additional stocks”; 2) “Where the main investor(s) or actual controller of the payment institution intends to make an IPO by acting as the direct issuer in the IPO, or making an overseas IPO through a protocol control framework or by other means”; 3) “Where the payment institution provides innovative payment products or services, cooperates with overseas counterparts to carry out cross-border payment business, or collaborates with other institutions in major business,” among others.
Meanwhile, when any risk event or emergency occurs, a payment institution should report it in a timely manner in accordance with the relevant regulations of the PBC. Matters subject to ex post reporting are divided into Category I and Category II matters. The “Category I Matters” involve a disclosure of over 5,000 pieces of data information on customers or information of over 500 customers at a time, or the interruption of payment for more than two hours or for more than 100,000 transactions, or the illegal use of payment institution channels for the purposes of fraud, money laundering, illegal fund-raising, or online gambling. After the occurrence of such matters, a payment institution should report it to the local branch of the PBC within two hours by telephone, fax or e-mail, and submit a written report within two working days.
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