Fujian Shishi Rural Commercial Bank Fined 1.48 Million Yuan for Violating Anti-Money Laundering Rules

Deep News01-13

The Quanzhou Branch of the People's Bank of China has issued a warning and imposed a fine of 1.48 million yuan on Fujian Shishi Rural Commercial Bank Co., Ltd. for violations across multiple regulatory areas.

The violations cited by the central bank's Quanzhou branch include breaches of regulations governing anti-money laundering operations, payment and settlement businesses, financial statistics, financial technology, as well as rules for RMB cash handling and counterfeit currency prevention.

Two senior executives, Cai Moufeng (then Vice President) and Huang Mouquan (then General Manager of the Digital Finance Department), were held responsible for the bank's violations of anti-money laundering regulations and were each fined 23,000 yuan.

Another executive, Cai Moujiang (then Chief Information Technology Officer and General Manager of the Information Technology Department), was held responsible for the violations of financial technology business regulations and was fined 10,000 yuan.

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