Agricultural Bank of China Chizhou Branch Fined 680,800 Yuan for Multiple Violations Including Misclassification of Medium- and Long-Term Loans

Deep News10-10 15:50

On October 10, a financial news alert reported that according to the administrative penalty information disclosure table from the People's Bank of China Chizhou Branch, Agricultural Bank Of China Limited (ASX: 601288) Chizhou Branch was issued a warning and fined 680,800 yuan for seven types of violations.

The violations listed in the penalty notice are as follows: 1. Medium- and long-term loans were incorrectly classified and reported according to their actual use; 2. Account opening materials were submitted to the People's Bank of China beyond the prescribed deadline; 3. The cybersecurity incident emergency response plan was inadequate; 4. Encroachment upon fiscal deposits or funds; 5. Credit inquiry users failed to report to the People's Bank of China within the required time; 6. Customer ongoing due diligence was not conducted as required; 7. Transactions were conducted with customers of unidentified identity.

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