Original link: https://www.williamlong.info/archives/7220.html
On July 7, the website of the State Administration of Financial Supervision and Administration released an information disclosure form for administrative penalties, and fined and confiscated over 3.7 billion yuan to Ant Technology Group Co., Ltd. (hereinafter referred to as Ant Technology Group).
The ticket shows that there are two main violations of laws and regulations by Ant Technology Group:
One is to infringe upon the legitimate rights and interests of consumers. Including: there are misleading financial marketing and publicity behaviors, which infringe consumers’ right to know; failure to express repayment requirements to some customer groups; failure to process some consumers’ personal information in accordance with regulations.
The second is to participate in the business activities of banking and insurance institutions in violation of regulations. Including: participating in insurance agency and insurance brokerage business in violation of regulations; participating in the sale of personal pension security management products, bank wealth management products, and Internet deposit products in violation of regulations.
According to Articles 19 and 44 of the “Banking Supervision Law of the People’s Republic of China”, Articles 6, 119 and 159 of the “Insurance Law of the People’s Republic of China”, “China Article 14, Article 16, Article 20, Article 26, Article 29, Article 56 of the Law of the People’s Republic of China on the Protection of Consumer Rights and Interests, and the State Administration of Financial Supervision and Administration have decided that Ant Technology Group confiscated 1,129,776,200 yuan of illegal income, fined 2,632,704,400 yuan, and confiscated a total of 3,762,480,600 yuan.
The date for the penalty decision is July 7, 2023.
Ant Group responded that it was fined 7.123 billion yuan: Since 2020, Ant Group has actively promoted various rectifications under the guidance of the financial management department, and has completed relevant rectifications. Today, Ant Group received the decision on administrative punishment from the financial management department, which we sincerely accept and resolutely obey, and will further strengthen the level of compliance governance. In the future, Ant Group will abide by its mission and original intention, adhere to integrity and innovation, continue to enhance its scientific and technological research and development capabilities, and strive to serve the real economy, especially small and micro groups, and create greater value.
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