In October 2016, the People's Bank of China issued the “Notice on Strengthening Payment Settlement Management to Prevent New Efforts Related to Telecommunication Networkâ€, stressing the prohibition of online trading of POS machines and strict control of T0 settlement. This is also a big punch for the country to fight against high-tech crimes. Let's take a look at what this notification is about.
The first is to expressly stipulate that no one can buy or sell pos machines online. In order to standardize the management of the terminal, the Notice states that no unit or individual may buy or sell POS machines (including MPOS) and card readers online.
The bank and the payment institution shall conduct on-site inspections of all the special merchants of the entity, and check the use locations of the acceptance terminals one by one. The terminal that stops the use of the machine and cannot confirm the actual use location will stop the business function.
At the same time, the "Notice" requires the establishment of a sound special merchant information management system and blacklist management mechanism. The China Payment and Clearing Association and the bank card clearing institution shall establish and improve the special merchant information management system, organize the banks and payment institutions to record the basic information of the special merchants, start and terminate the service, and the compliance risk status. Banks and payment institutions shall carefully provide services to the same special merchants or special merchants controlled by the same individual if they repeatedly change abnormal conditions such as service agencies.
In addition, the Notice also requires the establishment of a sound blacklist management mechanism for special merchants. Special merchants and their legal representatives or responsible persons who have been terminated by the banks and payment institutions for major violations, and the special merchants and related individuals that have been identified as illegal for the transfer of illegal and criminal activities by the public security organs, and the trading accounts identified by the public security organs. Units and individuals, etc., are included in the blacklist management. The China Payment and Clearing Association shall transfer the blacklist information to the basic database of financial credit information.
Banks and payment institutions may not expand the units in the blacklist and the units that are the legal representatives or responsible persons of the relevant individuals into special merchants; those who have expanded into special merchants shall be 10 from the date when the special merchants are blacklisted. It will be retired within the day. Strengthen payment account transfer management. As of December 1, 2016, when a payment institution opens a payment account for a unit or an individual, it shall sign an agreement with the unit and the individual to agree on the daily cumulative transfer limit between the payment account and the payment account, the payment account, and the bank account. If the number of pens exceeds the limit and the number of pens, the transfer business shall not be processed. Strengthen the settlement management of special merchant funds. Banks and payment institutions that provide T+0 fund settlement services for special merchants shall strengthen transaction monitoring and risk management for special merchants, and shall not provide T+0 funds for special merchants who have not entered the network for less than 90 days or have continued normal transactions for less than 30 days after entering the network. Settlement service.
The second is to increase the crackdown on unlicensed institutions and dispose of unlicensed institutions according to law. Branches of the People's Bank of China shall make full use of the special mechanism for remediation of the risk of payment institutions, strengthen cooperation with local governments, industry and commerce departments, and public security organs, promptly issue relevant administrative opinions on illegal payment and settlement of funds, and increase efforts to crack down on unlicensed institutions. As soon as possible, dispose of a group of unlicensed operating institutions according to law The Shanghai Headquarters of the People's Bank of China, branches, business management departments, and provincial capitals (capital) city center sub-branches shall fill out the “Special Rehabilitation Work Schedule for Unlicensed Operation Payment Business†on a monthly basis, and report the progress of the work in the jurisdiction to the head office.
Card God Summary: The country has already focused on the payment and credit card market rectification, which shows the country's determination to crack down on telecommunications and cyber fraud. As a daily friend who plays cards and raises cards through POS machines, the national reorganization has not had much impact on us. Only by understanding the national policies and dynamics can we better use the cards and play well. I hope this information will help my friends.
The first is to expressly stipulate that no one can buy or sell pos machines online. In order to standardize the management of the terminal, the Notice states that no unit or individual may buy or sell POS machines (including MPOS) and card readers online.
The bank and the payment institution shall conduct on-site inspections of all the special merchants of the entity, and check the use locations of the acceptance terminals one by one. The terminal that stops the use of the machine and cannot confirm the actual use location will stop the business function.
At the same time, the "Notice" requires the establishment of a sound special merchant information management system and blacklist management mechanism. The China Payment and Clearing Association and the bank card clearing institution shall establish and improve the special merchant information management system, organize the banks and payment institutions to record the basic information of the special merchants, start and terminate the service, and the compliance risk status. Banks and payment institutions shall carefully provide services to the same special merchants or special merchants controlled by the same individual if they repeatedly change abnormal conditions such as service agencies.
In addition, the Notice also requires the establishment of a sound blacklist management mechanism for special merchants. Special merchants and their legal representatives or responsible persons who have been terminated by the banks and payment institutions for major violations, and the special merchants and related individuals that have been identified as illegal for the transfer of illegal and criminal activities by the public security organs, and the trading accounts identified by the public security organs. Units and individuals, etc., are included in the blacklist management. The China Payment and Clearing Association shall transfer the blacklist information to the basic database of financial credit information.
Banks and payment institutions may not expand the units in the blacklist and the units that are the legal representatives or responsible persons of the relevant individuals into special merchants; those who have expanded into special merchants shall be 10 from the date when the special merchants are blacklisted. It will be retired within the day. Strengthen payment account transfer management. As of December 1, 2016, when a payment institution opens a payment account for a unit or an individual, it shall sign an agreement with the unit and the individual to agree on the daily cumulative transfer limit between the payment account and the payment account, the payment account, and the bank account. If the number of pens exceeds the limit and the number of pens, the transfer business shall not be processed. Strengthen the settlement management of special merchant funds. Banks and payment institutions that provide T+0 fund settlement services for special merchants shall strengthen transaction monitoring and risk management for special merchants, and shall not provide T+0 funds for special merchants who have not entered the network for less than 90 days or have continued normal transactions for less than 30 days after entering the network. Settlement service.
The second is to increase the crackdown on unlicensed institutions and dispose of unlicensed institutions according to law. Branches of the People's Bank of China shall make full use of the special mechanism for remediation of the risk of payment institutions, strengthen cooperation with local governments, industry and commerce departments, and public security organs, promptly issue relevant administrative opinions on illegal payment and settlement of funds, and increase efforts to crack down on unlicensed institutions. As soon as possible, dispose of a group of unlicensed operating institutions according to law The Shanghai Headquarters of the People's Bank of China, branches, business management departments, and provincial capitals (capital) city center sub-branches shall fill out the “Special Rehabilitation Work Schedule for Unlicensed Operation Payment Business†on a monthly basis, and report the progress of the work in the jurisdiction to the head office.
Card God Summary: The country has already focused on the payment and credit card market rectification, which shows the country's determination to crack down on telecommunications and cyber fraud. As a daily friend who plays cards and raises cards through POS machines, the national reorganization has not had much impact on us. Only by understanding the national policies and dynamics can we better use the cards and play well. I hope this information will help my friends.
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