The People's Bank of China announced on Sunday that it would conduct a special inspection of the financial activities of large companies in the online payment system together with financial regulators in the auditing sector.
During the inspection, it was found that large companies in the online payment system cooperated with some banks, violating established rules, concealing information about payments and bypassing controls over risks.
"This is a serious violation of the regulatory requirements of the financial sector and a serious threat to financial security," the bank stated.
It was also noted that the bank would begin to name the companies that violate the rules of using online payments and violate legislation on financial security.
