Jiangxi Chongren Rural Commercial Bank Fined 741,800 Yuan for Regulatory Breaches

Deep News03-19

On March 19, the Fuzhou City Branch of the People's Bank of China issued an administrative penalty notice against Jiangxi Chongren Rural Commercial Bank. The bank was penalized for multiple violations, including non-compliance with financial statistical regulations, breaches in payment and settlement business management, and failure to adhere to fintech business rules. Additional infractions involved lapses in counterfeit currency business management, improper retention of fiscal deposits or funds, and irregularities in the collection, provision, and inquiry of credit information, as well as anti-money laundering business requirements. As a result, the bank received a formal warning and was fined 741,800 yuan.

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