SHANGHAI (Reuters). China’s central banks has imposed a 22.37million yuan ($3.52million) fine on MYBank. The online bank backed China’s Ant Group was penalized for breaking credit scoring management regulations and transacting unidentified customers.

MYBank received a warning and a fine for not complying with the know-your-customer (KYC), requirements of the central bank and instructions regarding reporting suspicious transactions. This was stated by the Hangzhou branch of People’s Bank of China in a penalty order dated Jan. 29,

MYBank spokeswoman said that these problems were being addressed by 2020.

China’s financial regulators have been ramping up anti-money laundering efforts for online financial institutions, as part of Beijing’s efforts to rein in financial risks.

To ensure national security and stability, China’s Ministry of Public Security and the PBOC are participating in a three year campaign against money laundering.

China has also instructed Ant to adhere to the regulations of credit information regulation and become a financial holding business that is more tightly regulated. This was after Ant’s $37 billion IPO failed.

According to the penalty decision, nine executives and managers of MYBank were also penalized for these violations. Feng Liang was then deputy chief executive at MYBank.

($1 = 6.3573 renminbi)