On April 3, financial authorities disclosed that the Bengbu branch of CITIC Bank Co., Ltd. has been penalized for multiple regulatory violations. According to an administrative penalty decision published by the People's Bank of China Bengbu Branch, the bank was found to have inaccurately reported statistics on real estate loans, failed to conduct ongoing due diligence on customers as required, and improperly stored counterfeit currency. As a result, the branch received an official warning and was fined 220,000 yuan.
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