3 firms fined for violating rules

The Peoples’ Bank of China, the central bank, has confiscated illegal gains and levied fines on three companies for violating payment service regulations. The confiscated illegal gains and fines totaled 77 million yuan ($10.29 million). Gopay.com had 22.18 million yuan of illegal gains confiscated and was fined 24.29 million yuan after it was found to have failed to carry out effective checks on transactions by online vendors, thus providing online payment services for illegal transactions de facto. Union Mobile Financial Technology Co Ltd was fined 14.32 million yuan in addition to confiscation of 12.08 million yuan in illegal gains after it was found to have conducted loose checks on customer identification and engaged in illegal overseas transfers of foreign exchange.