Guangxi Long'an Rural Commercial Bank Fined 627,600 Yuan for Regulatory Breaches

Deep News04-03 17:00

On April 3, financial authorities imposed a penalty of 627,600 yuan on Guangxi Long’an Rural Commercial Bank Co., Ltd. for multiple regulatory violations. According to an administrative punishment disclosure by the People’s Bank of China Guangxi Zhuang Autonomous Region Branch, the bank was penalized for breaching data security management rules, failing to comply with cybersecurity requirements, misappropriating fiscal deposits or funds, and violating regulations concerning the collection, provision, and inquiry of credit information. Additionally, the institution did not perform adequate customer due diligence and failed to report suspicious transactions as required. The bank received a formal warning in addition to the financial penalty.

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