Financial Legal Regulation Of Third Party Payment Risk

Since 2005, third-party payment platform explosive growth,2010 People’s Bank of China promulgated the "non-financial institution payment service management approach" and related rules:the provisions of the license third-party payment system bodies. This reflects the third-party payment blindly follow the trend from the initial to the rational development and then continue to strengthen the legal and regulatory process, marking the third-party payment has entered a new stage of development. However, the existing legal and regulatory system is not perfect, coupled with the complexity and hidden network environment, the network has become a field of high incidence of criminal activity, there are more online payment of legal risk in the transaction. If that is not effectively prevent not only damage the credibility of third party payment companies and interests, but also damage the interests of online consumers, eventually leading to malignant development of the entire financial sector.However, China’s current special law to pay for the network are scarce, and the effectiveness of legislation and low levels, only some departmental regulations and policies. May 2010 and the People’s Bank of China issued a "non-financial institution payment service management approach", in December 2010, People’s Bank of China issued a "non-financial institution payment service management approach implementation details", "paying agent and anti-money laundering terrorist financing management approach payment institutions prepaid business management approach and reserve depository institution clients pay approach and other supporting rules. After March 14,2014, the central bank issued a document halted a two-dimensional code (bar code) and virtual credit card payments, the central bank issued to a third party payment companies, to pay Internet payment service agency management approach, the draft "mobile payment business development guidance". These "Measures" meet the needs of non-financial institutions in complying with the rules of fair competition on the basis of orderly development, in line with safeguarding the legitimate rights and interests of consumers and ensure the financial security needs, inline with national encourage financial innovation, development of financial markets, to maintain financial stability and the need for social stability requirements, will have a positive and significant impact on the healthy development of China’s financial system. However, the current system related to "third party payment" more focused on the process of trading rules specification, less involved in the definition of the legal relationship between the parties trading links, the less examine whether trading rules from a legal point of view itself deep problem, not combined with a sound social credit system, third-party payment agencies risk awareness is weak and computer technology and other reasons, currently in the process there are still many legal risks.Risk of third-party payments are mainly four categories:customer reserve risk, financial crime risk, credit risk, market entry and exit risks. For these risks, the need to strengthen prevention and control. Learn from the United States and the European Union on the basis of a number of mature experience, combined with China’s reality, the risk of third-party payment shall take the following measures:provision for risks for customers, it is recommended to improve the security of electronic signature authentication technology, and from the United States of "deposit insurance system and the Eon’s redemption system"; against the risk of financial crime, money laundering regulatory measures proposed to improve the network as well as cash in legal regulations; for credit risk, it is recommended to strengthen the norms of the behavior of the transaction, as well as information disclosure and information protection obligations regulation; risks for market entry and exit, the proposed mechanism to improve market access and market exit mechanism.