Financial regulators recently found that WeChat Pay violated China's anti-money laundering rules and did not comply with "know your customer" and "know your business" rules. According to the Wall Street Journal, Tencent Holdings Ltd faces a heavy fine for violating anti-money laundering rules.

China-Tencent could be fined hundreds of millions of yuan for violating some Chinese central bank regulations on its WeChat Pay mobile network. According to the Wall Street Journal, the People's Bank of China (PBOC) discovered the violations of Chinese rules during a routine inspection of WeChat Pay that ended in late 2021. The investigation also established that the mobile payment network had enabled the transfer and laundering of funds with illicit transactions such as gambling.