The National Financial Regulatory Administration has issued a list of administrative penalties, revealing that Bank Of Communications Co.,Ltd. has been fined 800,000 yuan.
The penalty was imposed due to deficiencies in the bank's disaster recovery capacity development and insufficient emergency management for critical information systems.
Penalty Details for Other Institutions
Several other financial institutions were also penalized in the same announcement.
Industrial and Commercial Bank of China was fined 1.05 million yuan for inadequate risk control over the deployment and changes of critical information systems and for failing to report major information system incidents as required.
China Construction Bank received a fine of 700,000 yuan for similar issues, including insufficient risk control over system changes and inadequate emergency management for vital information systems.
China CITIC Bank and related personnel were penalized for imprudent management of loan and credit card businesses. The bank was fined 11.4 million yuan, while individuals including Liu Xiaokai, Bai Yanchao, He Jian, Zhang Jie, and Liu Shuangyi received warnings and fines totaling 62,000 yuan.
Taiping Property Insurance Co., Ltd. and related personnel were penalized for several violations. These included failing to set aside adequate outstanding claim reserves, not using approved or filed insurance clauses and rates, submitting inaccurate data, and conducting business across unauthorized regions. The company was warned and fined 3.73 million yuan. Individuals including Ren Jie, Xu Long, Huang Yongjun, Lu Tao, Zhang Wei, Chen Yongbing, and Zhao Lei received warnings and fines totaling 620,000 yuan.
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