Banking Law

Wirecard’s AllScore Fined $16 Million by PBOC Over Violations

May 1, 2020, 3:26 PM

The People’s Bank of China told a company that is being acquired by Wirecard AG to pay 116 million yuan ($16.4 million) in fines and penalties.

AllScore Payment Services was fined over multiple rule violations, including unauthorized suspension of payments and misappropriation of provisional funds, the PBOC said in a statement dated April 29 posted on its website.

The PBOC’s business management department issued a warning and confiscated illegal gains of 50 million yuan, levying an additional 65.9 million yuan in fines. Two executives at the company were also fined 450,000 yuan and 200,000 yuan, respectively, the bank said in...

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