On March 20, the Hubei branch of the People's Bank of China issued an administrative penalty decision, revealing that Hubei Tianmen Rural Commercial Bank was fined 891,000 yuan and received a warning for multiple violations. The infractions included failure to monitor and address risks associated with abnormal accounts and suspicious transactions, non-compliance with cybersecurity regulations, breaches of data security management rules, and violations of RMB circulation management requirements. Additionally, the bank failed to adhere to counterfeit currency business management rules, misappropriated fiscal deposits or funds, breached regulations on the collection, provision, and inquiry of credit information, provided services to clients with unidentified identities, and neglected to conduct required customer due diligence.
Separately, two individuals from the bank’s credit management department, identified as Li and Li, were each fined 10,000 yuan.
Comments