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Core Viewpoint - The recent penalties imposed on payment institutions in China highlight the ongoing strict regulatory environment in the payment industry, emphasizing compliance and accountability for both institutions and their management [2][3][7]. Summary by Category Regulatory Actions - On May 9, the Shenzhen branch of the People's Bank of China announced penalties totaling 3.72 million yuan against Shenzhen Kuaiyitong Payment Co., Ltd. and SF Hengtong Payment Co., Ltd. for various violations [2]. - Kuaiyitong was fined approximately 3.52 million yuan for multiple infractions, including failure to comply with merchant management and customer identity verification regulations [2]. - SF Hengtong Payment was fined 210,000 yuan, marking its first penalty from the central bank [2]. Compliance Issues - The penalties reflect significant compliance failures, particularly in anti-money laundering practices, such as not fulfilling customer identity verification obligations and failing to report large or suspicious transactions [3][7]. - The regulatory focus on anti-money laundering and merchant management indicates a tightening of oversight in the payment sector [7]. Industry Trends - Following the penalties in Shenzhen, the Jiangsu branch of the People's Bank of China also issued fines to four payment companies for violations related to prepaid card management and merchant management [3][4]. - The trend of substantial fines, including a notable case where Shanghai Dianyin Information Technology Co., Ltd. was fined 5.71 million yuan, suggests that regulatory scrutiny is intensifying [6][7]. Recommendations for Compliance - Industry experts recommend that payment institutions enhance their compliance frameworks, including establishing comprehensive merchant management systems and improving identity verification processes [7]. - The use of big data and AI technology is suggested to bolster the identification of suspicious transactions and to ensure consumer rights protection [7].