The People's Bank of China Suqian Branch has publicly disclosed an administrative penalty decision against the Suqian branch of Industrial Bank Co.,Ltd., according to the latest information release. The branch was formally warned and fined 330,000 yuan for a series of regulatory breaches, including violations of financial statistics requirements, account management regulations, cybersecurity rules, and data security provisions. Additionally, the institution failed to report suspicious transactions as required under anti-money laundering regulations.
In connection with the data security compliance failure, two individual employees were also held accountable. Zhang, from the Retail Finance Department of the Suqian branch, and Ding, from the Risk and Compliance Department of the same branch, were each fined 15,000 yuan for their direct responsibility in the violations related to data security management rules.
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