Chinese Government Imposes Fine of $4.2M on Chinabank Payments for its Online Gambling Links

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The Chinese government has imposed a fine of RMB29.4m (US$4.2m) on Internet Banking Online (Beijing) Technology Co Ltd, aka Chinabank Payments, for its links to unauthorised online gambling sites.

Chinabank, the Beijing-based payment processor, was accused of assisting mainland residents in transferring currency overseas, including to internationally licensed online gambling sites. The gambling transfers, which also involved several other mainland payment channels, were made between May 2017 and May 2018.

The online gambling operation was based in Cambodia and featured websites with names suggesting a relationship with popular Macau casino brands, including Las Vegas Sands and SJM Holdings’ Lisboa.