China: Issued ruling in People's Bank of China investigation into Ant Group and its subsidiaries including CNY 7.123 billion fine

On 7 July 2023, the Department of Financial Management of People's Bank of China issued its ruling in the investigation into Ant Group and its subsidiaries and imposed a fine of CNY 7.123 billion. In particular, the Department of Financial Management stated that the Ant Group violated financial consumer protection laws and failed to comply with the anti-money laundering obligations, among others. Furthermore, the Ant Group is required to close its "Xu Huan Bao" business due to its illegal activity and non-compliance with consumer protection regulations and compensate consumers.