The central bank requires a strict crackdown on cross-border gambling capital chains or cryptocurrency regulation

The central bank requires a strict crackdown on cross-border gambling capital chains or cryptocurrency regulation

Wu said blockchain learned that the People's Bank of China recently held a meeting in Beijing to study and deploy the work of combating the cross-border gambling capital chain. Fan Yifei, member of the Party Committee and deputy governor of the People's Bank of China, attended the meeting and delivered a speech; continue to follow the principle of "whoever opens the account (card) is responsible", "whoever is the user (merchant) is responsible", and "whoever is the cooperative customer is responsible"; require targeted strengthening of customer identity identification, large and suspicious transaction reporting, money laundering monitoring and analysis, account withdrawal identity verification and other risk prevention and control work. The integration of gambling and cryptocurrency is deepening, especially USDT has become the first choice for a large number of gambling websites. The core traffic of TROY founded by Justin Sun also comes from gambling applications.

The following is the original article:

The People's Bank of China holds a working meeting on combating cross-border gambling capital chains

China UnionPay

Recently , the People's Bank of China held a meeting in Beijing to study and deploy the work of combating and managing the cross-border gambling capital chain. The meeting reported the progress of related work since this year, analyzed the complex situation currently faced, and focused on redeploying and promoting the full promotion of financial supervision work to combat and manage cross-border gambling and resolutely cut off the cross-border gambling capital chain. Fan Yifei, member of the Party Committee and Deputy Governor of the People's Bank of China, attended the meeting and delivered a speech.
Fan Yifei pointed out that strengthening financial supervision and cutting off the gambling-related capital chain is a major political task assigned by the Party Central Committee and a major test of the supervision capabilities of various units. All units should further improve their political stance, enhance their sense of responsibility and urgency in prevention and control, earnestly practice the "two safeguards", firmly establish and conscientiously implement the overall national security concept, and regard cutting off the cross-border gambling capital chain as an important task to resolutely win the "hard battle" to prevent and resolve major financial risks, and make up for the shortcomings of financial services as an inevitable requirement for the modernization of the national governance system and governance capabilities. They should "tighten the strings" in their thoughts and "pull the bows" in their actions, and resolutely complete the major political tasks assigned by the Party Central Committee.
Fan Yifei requires that all units should be highly alert and accurately grasp the difficulties and challenges faced by the financial supervision work of combating cross-border gambling. They should estimate the difficulties more fully, recognize the challenges more fully, continue to strengthen investigation and research, increase the efforts to learn from cases and trace back cases, find out the methods of cross-border gambling funds flow, accurately grasp the actual situation of the gambling-related capital chain, and timely and effectively adjust the prevention and control strategies and tactics, so as to effectively block them.
Fan Yifei stressed that the heavy responsibility lies on the shoulders, and actions speak louder than words. All units should resonate with each other and effectively improve the pertinence and effectiveness of the financial supervision work of combating cross-border gambling. First, strengthen overall coordination, do a good job in information sharing, fully mobilize the strength of grassroots branches, and promote the formation of a grid-type linkage mechanism that echoes left and right and communicates up and down. Second, strengthen division of labor and cooperation, adhere to each doing its own job, work together, avoid shirking responsibility and perfunctory response, and work together to increase the punishment of gambling-related accounts and gambling-related funds in terms of system application, inspection arrangements, etc. in a goal-oriented and problem-oriented manner. Third, strengthen the main responsibility, continue to strictly hold the main responsibility of licensed payment services accountable in accordance with the principle of "who opens an account (card) is responsible", "whose user (merchant) is responsible", and "whose cooperative customer is responsible". Fourth, strengthen governance capabilities, focusing on governance mechanisms and technical means, and strengthen risk prevention and control work such as customer identity identification, large and suspicious transaction reporting, money laundering monitoring and analysis, and account withdrawal identity verification in a targeted manner. Fifth, strengthen publicity, warning and education, quickly form an atmosphere of preventing, opposing and banning gambling throughout the industry, and actively encourage the public to take the initiative in reporting suspicious clues and providing suspicious evidence.
Relevant departments of the People's Bank of China, Ministry of Public Security, General Administration of Customs, China Banking and Insurance Regulatory Commission, State Administration of Foreign Exchange, as well as the main responsible persons of China Payment and Clearing Association, China UnionPay and China National Network Clearing Co., Ltd. attended the meeting.




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