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Bytedance caught lying to Irish banking regulators? https://t.co/if3vT9text How ByteDance Bungled a Money-Laundering Probe Into TikTok Payments "In early 2023, Irish banking regulators contacted ByteDance with a pointed question: Why was the Chinese internet giant and parent…
Sources: ByteDance misled the Central Bank of Ireland in early 2023, after HSBC shut down the company's bank accounts following a money laundering probe (@michaelroddan / The Information) https://t.co/oYDMD12zaa 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/rembn5ZR6h
TikTok created its own payments tech, w/ the help of JPMorgan, so it could avoid giant fees. But HSBC discovered deficiencies in the money laundering controls" at ByteDance. The company then lied about it to Irish regulators. by @MichaelRoddan https://t.co/mPOgW4TNXQ
TikTok and its parent company ByteDance are currently embroiled in a series of regulatory problems, extending beyond national security concerns to include financial regulatory inquiries focused on money laundering concerns. These issues started in Turkey and extended to Ireland. In early 2023, a significant development was revealed by @MichaelRoddan: ByteDance misled the Central Bank of Ireland after HSBC shut down the company's bank accounts following a money laundering probe. In response, ByteDance developed its payments technology with the assistance of JPMorgan to circumvent large fees. However, HSBC discovered deficiencies in ByteDance's money laundering controls, which the company then misrepresented to Irish regulators.
