Financial Regulator Fines Rural Bank $476,500 for Compliance Breaches

Deep News08-07

A penalty has been imposed on Hebe Guyuan Rural Commercial Bank Co., Ltd. following an investigation by the People's Bank of China's Zhangjiakou City Branch. The bank was found to be in violation of multiple regulatory requirements, including account management, financial technology management, treasury management, credit reporting management, and anti-money laundering management rules.

As a result, the bank received a warning and was ordered to pay a fine of 476,500 yuan. Additionally, two senior executives from the bank faced individual penalties. The former deputy governor of Hebe Guyuan Rural Commercial Bank Co., Ltd., identified as Gao, and the former head of the credit approval department, identified as Liu, were each fined 13,000 yuan for their roles in the infractions.

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