Zhejiang Tongxiang Rural Commercial Bank Fined 1.67 Million Yuan for Regulatory Violations

Deep News02-14 20:30

On February 14, the Jiaxing branch of the People's Bank of China issued an administrative penalty decision against Zhejiang Tongxiang Rural Commercial Bank Co., Ltd. The bank was given a warning and fined 1,671,500 yuan for multiple violations.

The list of violations includes: 1. Breaches of financial statistics management regulations. 2. Non-compliance with rules governing the collection, provision, and inquiry of credit information. 3. Violations of account management regulations. 4. Breaches of merchant management rules. 5. Failure to report large-value transactions as required. 6. Failure to report suspicious transactions as mandated. 7. Providing services and conducting transactions for unidentified clients. 8. Withholding fiscal deposits or funds. 9. Violations of counterfeit currency business management regulations. 10. Breaches of data security management rules.

The penalty was formally imposed by the People's Bank of China Jiaxing Branch on February 6, 2026, and will be publicly disclosed for a period of five years.

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