Shenzhen Rural Commercial Bank Fined 12.844 Million Yuan for Failing to Perform Customer Identity Verification Duties

On December 31, according to the administrative penalty decision information published by the Shenzhen Branch of the People's Bank of China, Shenzhen Rural Commercial Bank Co., Ltd. was warned and fined 12.844 million yuan for eight types of violations. The specific violations are listed as follows: 1. Failure to perform customer identity verification duties as required; 2. Failure to submit large-value transaction reports or suspicious transaction reports as required; 3. Conducting transactions with clients of unidentified identity; 4. Violations concerning the collection, provision, inquiry, and related management regulations of credit information; 5. Violations of relevant financial statistics regulations; 6. Violations of account management regulations; 7. Violations of regulations governing anti-counterfeit currency operations; 8. Misappropriation of fiscal deposits or funds.

Concurrently, Li Mou (formerly employed in the Scenario Finance Department (Digital Factory) of Shenzhen Rural Commercial Bank Co., Ltd.) was held responsible for the bank's following violations: failure to perform customer identity verification duties as required, failure to submit large-value transaction reports or suspicious transaction reports as required, and conducting transactions with clients of unidentified identity. He was fined 70,000 yuan. Zeng Mouzhong (formerly employed in the Operations Management Department of Shenzhen Rural Commercial Bank Co., Ltd.) was held responsible for the bank's following violations: failure to perform customer identity verification duties as required, failure to submit large-value transaction reports or suspicious transaction reports as required, and conducting transactions with clients of unidentified identity. He was fined 85,000 yuan. Zhan Mou (formerly employed in the Retail Finance Headquarters of Shenzhen Rural Commercial Bank Co., Ltd.) was held responsible for the bank's following violation: failure to submit large-value transaction reports or suspicious transaction reports as required. He was fined 27,500 yuan.