(Yicai Global) Jan. 13 -- The Fuzhou Central Branch of the People’s Bank of China recently fined Guotong Xingyi CNY67.1 million (USD10.22 million) for failing to fulfill required customer identification obligations and 11 other violations, and seized CNY2.61 million (USD403,767) in illicit income from the third-party payment platform.

Five senior executives of the Fuzhou-based firm also suffered imposition of fines of between CNY50,000 and CNY140,000 (USD21,658) from the central bank.

Guotong Xingyi was further penalized for miscellaneous other infractions, including omitting to file suspicious transaction reports as required, engaging in transactions with unidentified customers, failing to deposit customer reserve funds, providing transaction-plus-0-day fund settlement services to ineligible customers, failing to conduct risk monitoring in fund settlement services and storing sensitive bank card information.

A wholly-owned unit under electronic payment and information identification product and service supplier Newland Digital Technology, Guotong Xingyi is an integrated payment services provider for bank card settlement. It obtained its payment business license from the PBOC in June 2012 to do business nationwide. It achieved revenue of CNY3.1 billion (USD480.7 million) in last year’s first half in an 11.1 percent rise on the year. Its net profit fell 47.2 percent to CNY233 million in the period.

Newland Digital Technology’s stock [SHE:000997] had declined 0.42 percent to CNY14.27 (USD2.17) in midmorning after opening 2.7 percent up.

Editor: Ben Armour, Xiao Yi