The People's Bank of China Zhejiang Provincial Branch has issued a significant penalty against Ping An Bank Co.,Ltd. (Ping An Bank). The bank's Hangzhou branch has been fined 3.8053 million yuan for multiple regulatory violations.
The administrative penalty decision, dated June 28, 2026, lists eight specific violations committed by the branch. These include breaches of financial statistics management regulations, account management rules, merchant management rules, and clearing management regulations. The branch was also found to have violated regulations on the circulation of Renminbi, anti-counterfeiting currency operations, and the collection, provision, and inquiry of credit information. A further violation involved conducting transactions with clients whose identities were not verified.
As a result, the People's Bank of China Zhejiang Provincial Branch has issued a formal warning to Ping An Bank's Hangzhou branch. In addition to the substantial monetary fine, the branch has been ordered to forfeit illegal gains amounting to 29,954.7 yuan.
Individual penalties were also imposed on specific bank employees held responsible for the violations. Cheng Mouyuan, from the branch's Open Banking Department and Settlement & Cash Management Department, and Ma Mou, from the Basic Retail Management Department, were both held accountable for the breach of clearing management regulations. Each received a warning and an individual fine of 50,000 yuan.
Furthermore, Wang Mou, an employee from the branch's Retail Credit Risk Management Department, was found responsible for the violations related to credit information collection, provision, and inquiry. This individual was fined 16,700 yuan.
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