Shanxi Gujiao Rural Commercial Bank Fined 750,000 Yuan: Failed to Perform Customer Identification Duties and Transacted with Unidentified Clients

Deep News01-09

On January 9, the administrative penalty decision disclosure form from the Shanxi Provincial Branch of the People's Bank of China revealed that Shanxi Gujiao Rural Commercial Bank Co., Ltd. was fined 750,000 yuan for failing to perform customer identification duties as required and for conducting transactions with unidentified clients.

Yan Moulin (then Operations Supervisor of the Xinxin Sub-branch of Shanxi Gujiao Rural Commercial Bank Co., Ltd.) was held responsible for conducting transactions with unidentified clients and was fined 15,000 yuan.

Wang Moufei (then Director of the Dongqu Savings Office of Shanxi Gujiao Rural Commercial Bank Co., Ltd.) was held responsible for failing to perform customer identification duties as required and was fined 15,000 yuan.

Wu Mouqiang (then Director and Vice President of Shanxi Gujiao Rural Commercial Bank Co., Ltd.) was held responsible for both conducting transactions with unidentified clients and failing to perform customer identification duties as required, resulting in a fine of 30,000 yuan.

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