VIP Class Notes (Vicky)

Self introduction

I am respond for regulation compliance as senior manager.

We have formed a professional team along with legal, risk management, pac, to make sure we meet the government  regulations by following all the rules.  The team is led by Hui Zhang and myself, with support from. Recently, we have finished the implementation of the new regulations required by SAFE.

Deck page

on top of this, let me explain more about MCC requirements by SAFE to the bank.

As shown above, the domestic banks should monitor and manage GNS card transactions and make sure to follow the requirements by SAFE on this.

As you may know that the GNS transactions are dual message transactions, which appear on both authorisation and settlement. However, we received feedback from CMB through BD last week that MCC code is not consistent in GNS transactions, which caused difficulties for the banks to manage.

The domestic banks have reached out to us for assistance from GNS team to solve the above issues. Our Ops team will contact GNS team for next step.

Optional:

Both SAFE and us have agreed that we have been following the regulations.

However, the domestic banks are worried about if they could meet the requirements from SAFE. That’s why they are asking for help from GNS team through us.