Asia

People’s Bank of China to Crack Down on Cross-Border Gambling Funds

Published

5 years ago

June 15, 2020

Niji Narayan

People’s Bank of China to Crack Down on Cross-Border Gambling Funds

Reading Time: < 1 minute

The People’s Bank of China has announced that it was recently in talks with other Chinese government departments on combating the “cross-border” flow of gambling funds. Fang Yifei, deputy governor of the bank, called for enhanced official efforts on measures to tackle money laundering (AML).

The Bank ‘s latest meeting included members from the Ministry of Public Security, the General Customs Administration, the China Banking and Insurance Regulatory Commission, the Foreign Exchange State Government, the China Payment and Clearing Association, the China UnionPay Co Ltd Bank Card Service Provider, and the NetsUnion Clearing Corp.

The activity or promotion of online casino gambling or bricks and mortar type on the Chinese mainland is illegal, as is the marketing of such gambling outside the boundaries of the mainland, including any play in Macau.

Up Next

International Esports Federation Announces Esports Education and Youth Leadership Commission

Don't Miss

Get to Know the History of Online Casinos

Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.