On December 31, an administrative penalty information disclosure form from the People's Bank of China Zhejiang Branch revealed that Zhejiang Tailong Commercial Bank Co., Ltd. was penalized for multiple violations. The bank was found to have breached financial statistics management regulations; violated rules concerning the collection, provision, and inquiry of credit information and related management; infringed upon merchant management regulations; broken account management rules; contravened clearing management stipulations; failed to perform customer identification obligations as required; conducted transactions with unidentified clients; and breached anti-counterfeit currency business management regulations. As a result, the bank received a formal warning, had illegal gains of 103,828.35 yuan confiscated, and was fined 5.3365 million yuan.
An individual named Xu (from the Compliance Department of the Shanghai Branch) was fined 10,000 yuan for failing to fulfill customer identification duties as mandated. Another individual, Liang (from the Internet Finance Department), received a warning and was fined 130,000 yuan for violations of clearing management regulations and merchant management rules.
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