Ningbo Fenghua Rural Commercial Bank Fined 3.4017 Million Yuan for Regulatory Breaches

On May 15, the Administrative Penalty Decision Information Disclosure Form of the People's Bank of China Ningbo Branch revealed that Ningbo Fenghua Rural Commercial Bank has been warned and fined 3.4017 million yuan. The penalties were issued for multiple violations, including breaches of financial statistical management regulations, account management regulations, network security management regulations, and regulations on the circulation of Renminbi. The bank was also cited for violating regulations concerning anti-counterfeiting currency operations, the collection, provision, and inquiry of credit information, failing to conduct customer due diligence as required, and failing to report suspicious transactions as stipulated.

Additionally, Wang Moujian, from the bank's Credit Management Department, was held responsible for the violations related to credit information collection, provision, inquiry, and associated management. He was fined 20,000 yuan by the People's Bank of China Ningbo Branch.