Chinese Banks Face Scrutiny for Suspected Involvement in Illegal cash Transfers

Despite strict restriction in place, gambling players in Macau still manage to transfer their funds through state-run Chinese banks.



Government-led banks in China are rumored to be involved in handling illegal money transfers for players that gamble in Macau.



China UnionPay was looking into ways how the use of mobile betting devices to that were able to facilitate the right cardholders with money used for gambling. The overall process of handling cash has been brought into serious question about the involvement of Chinese banks that are run by the state.



The total cross-border transactions amounted to more than 40 billion Chinese Yuan in 2013. An online firm titled 99Bill, has been identified as a third-party processing company. They used mobile devices hide money transactions to Macau as payments for certain merchandise in mainland China.

Complex process of transferring funds

According to gambling news, there are several steps involved in the illegal process. The online firm must first clear a transfer and authorize the release of funds from a Chinese bank account. 99Bill then completes the money transaction to a bank account in Macau, which is in the name of the shop involved in the scheme.



All of these practices are illegal in China. The transfer of money from a mobile device to Macau, nor the accepting the funds from China is against the law.