China Fines Guangfa Bank Over $2.4 Million for 10 Regulatory Violations
On September 24, 2024, the People's Bank of China (PBOC) disclosed administrative penalties against four banks: Jiangsu Bank (9.37 million yuan), Postal Savings Bank of China (17.43 million yuan), Bohai Bank (5.43 million yuan), and Guangfa Bank (17.14 million yuan). Violations included data security, anti-money laundering, customer identity verification, and credit information management failures. Multiple responsible individuals were also fined.
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China's central bank fines four major banks for data security, anti-money laundering violations
China's central bank (PBOC) disclosed multiple administrative penalties against four banks: Jiangsu Bank, Postal Savings Bank of China (PSBC), China Bohai Bank, and China Guangfa Bank, for a range of regulatory violations. Jiangsu Bank was fined 9.371 million yuan for 13 violations including data security, payment collection, and failure to identify customers. PSBC received the largest penalty at 17.433 million yuan for 10 violations including anti-counterfeiting currency rules and failure to report suspicious transactions. Bohai Bank was fined a total of 5.4288 million yuan for 11 violations, and Guangfa Bank was fined approximately 17.14 million yuan for 10 violations including data security and credit information management. Multiple responsible individuals across all four banks were also personally fined, with amounts ranging from 10,000 to 200,000 yuan. The penalties highlight the PBOC's intensified enforcement of financial data protection, anti-money laundering, and payment system regulations.
Read sourceChina's central bank fines four major banks for data security, anti-money laundering violations
China's central bank, the People's Bank of China (PBOC), disclosed multiple administrative penalties on September 24, fining four major banks for a range of violations. Jiangsu Bank was fined 9.37 million yuan for 13 violations including data security, network security, and failure to perform customer identity verification. Postal Savings Bank of China (PSBC) received the largest penalty at 17.43 million yuan for 10 violations, including data security, anti-counterfeit currency rules, and failure to report large or suspicious transactions. Bohai Bank was fined a total of 5.43 million yuan for 11 violations, including data security and illegal collection of credit information. China Guangfa Bank was fined approximately 17.14 million yuan for 10 violations, including data security, clearing rules, and failure to perform customer identity verification. Multiple responsible individuals at each bank were also fined, with penalties ranging from 10,000 to 200,000 yuan.
Read sourceChina's central bank fines four major banks for data security, anti-money laundering violations
China's central bank, the People's Bank of China (PBOC), disclosed multiple administrative penalties on September 24, fining four banks for various regulatory violations. Jiangsu Bank was fined 9.37 million yuan for 13 violations including data security, account management, and failure to perform customer identity verification. Postal Savings Bank of China (PSBC) received the largest penalty at 17.43 million yuan for 10 violations including anti-money laundering failures and trading with unidentified customers. Bohai Bank was fined a total of 5.43 million yuan for 11 violations related to financial statistics, settlement accounts, and data security. Guangfa Bank was fined approximately 17.14 million yuan for 10 violations including financial statistics, data security, and failure to report large transactions. Multiple responsible individuals across all four banks were also fined, with penalties ranging from 10,000 to 200,000 yuan. The penalties highlight China's ongoing regulatory crackdown on banking compliance, particularly in areas of data security, anti-money laundering, and payment processing.
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China's central bank fines four major banks over 4.9 million yuan for regulatory violations
On September 24, the People's Bank of China (PBOC) disclosed multiple administrative penalties against four banks: Jiangsu Bank, Postal Savings Bank of China (PSBC), Bohai Bank, and Guangfa Bank, for various illegal activities. Jiangsu Bank was fined 937.1 million yuan and had 0.17822 million yuan in illegal gains confiscated for 13 violations including financial statistics, account management, payment collection, data security, and failure to identify customers. PSBC received the largest penalty at 1,743.3 million yuan plus a warning and criticism for 10 violations including anti-counterfeit currency rules and failure to report large transactions. Bohai Bank was fined a total of 542.88 million yuan (including confiscated gains) for 11 violations. Guangfa Bank was fined 1,714 million yuan (including confiscated gains) for 10 violations. Multiple responsible individuals at each bank were also fined, ranging from 10,000 to 200,000 yuan. The penalties highlight the PBOC's ongoing crackdown on financial compliance failures in China's banking sector.
Read sourceChina Fines Postal Savings Bank and Guangfa Bank Over 17 Million Yuan Each
On September 24, the People's Bank of China (PBOC) announced significant fines against four major Chinese banks for various regulatory violations. Postal Savings Bank of China (PSBC) was warned, publicly criticized, and fined 17.433 million yuan, with illegal gains of 290.2 yuan confiscated. Violations included non-compliance with financial statistics, account management, bank card acquiring, data security, anti-counterfeit currency regulations, and failure to report large or suspicious transactions. Guangfa Bank was fined 17.124 million yuan and had 16,200 yuan in illegal gains confiscated for 10 violations, including similar issues plus credit information management failures. Jiangsu Bank was fined 9.371 million yuan for 13 violations, with six responsible individuals fined between 10,000 and 200,000 yuan. Bohai Bank was fined 5.3437 million yuan and had 85,100 yuan confiscated for 11 violations, with seven employees fined. The penalties reflect the PBOC's intensified enforcement of financial regulations, particularly regarding data security, anti-money laundering, and customer due diligence.
Read sourceChina Fines Guangfa Bank Over 17 Million Yuan for 10 Violations Including Credit Reporting and Anti-Money Laundering
On September 24, the People's Bank of China (PBOC) disclosed an administrative penalty against Guangfa Bank (China Guangfa Bank) for 10 regulatory violations. The bank was found to have breached rules on financial statistics, account management, clearing, bank card acquiring, data security, and anti-counterfeit currency. Additional violations included occupying fiscal deposits or funds, violating credit information management rules, failing to perform customer identity verification obligations, and failing to report large-value transactions as required. As a result, the PBOC issued a warning, confiscated illegal income of 16,200 yuan, and imposed a fine of 17.124 million yuan, totaling approximately 17.14 million yuan (about $2.4 million). The penalty highlights ongoing regulatory scrutiny in China's banking sector, particularly regarding data security, credit reporting, and anti-money laundering compliance.
Read sourceChina Fines Guangfa Bank Over 17 Million Yuan for 10 Violations Including AML
The People's Bank of China (PBOC) has imposed a penalty of approximately 17.14 million yuan on Guangfa Bank for ten regulatory violations, according to a disclosure on September 24. The violations include failures in financial statistics, account management, clearing, bank card acquiring, data security, anti-counterfeit currency rules, and occupying fiscal deposits or funds. The bank was also found to have violated credit information management rules, failed to perform customer identity verification obligations, and failed to report large-sum transactions as required. The PBOC issued a warning, confiscated 16,200 yuan in illegal gains, and imposed a fine of 17.124 million yuan. Additionally, 12 responsible individuals were fined a total of 560,000 yuan, with penalties ranging from 10,000 to 160,000 yuan each. Among them, Jiang, an asset custody department official, was warned and fined 160,000 yuan for responsibility in the bank card acquiring violations.
Read sourceChina's Guangfa Bank Fined Over 17 Million Yuan for 10 Violations Including AML
China's central bank, the People's Bank of China (PBOC), has imposed a penalty of approximately 17.14 million yuan (about $2.4 million) on Guangfa Bank (China Guangfa Bank Co., Ltd.) for a total of 10 regulatory violations. The violations include failures in financial statistics, account management, clearing, bank card acquiring, data security, and anti-counterfeit currency management. The bank was also found to have occupied fiscal deposits or funds, violated credit information management rules, failed to properly perform customer identity verification obligations, and failed to report large-sum transactions as required. In addition to the corporate fine, 12 responsible individuals from the bank were also penalized, receiving fines ranging from 10,000 to 160,000 yuan, totaling 560,000 yuan. Among them, a manager from the asset custody department was fined 160,000 yuan and issued a warning for responsibility in bank card acquiring business violations.
Read sourceChina's central bank fines Postal Savings Bank 17.43 million yuan for violations
On September 24, the People's Bank of China (PBOC) issued penalty decision No. 88 (2026) against China Postal Savings Bank Co., Ltd., imposing a warning, public criticism, confiscation of illegal gains of 0.02902 million yuan, and a fine of 17.433 million yuan. The violations include breaches of regulations on financial statistics, account management, bank card acquiring, data security, and anti-counterfeit currency, as well as occupying fiscal deposits or funds, failing to perform customer identity verification duties, failing to report large or suspicious transactions as required, and conducting transactions with unidentified customers. The penalty reflects the PBOC's ongoing enforcement of financial compliance and data security rules.
Read sourceChina's Bohai Bank Fined Over $540,000 for 11 Regulatory Violations
China's central bank, the People's Bank of China (PBOC), has imposed a penalty on Bohai Bank totaling 5.4288 million yuan (approximately $542,880) for 11 regulatory violations. The penalty, announced on September 24, includes a warning, confiscation of illegal income of 85,100 yuan, and a fine of 5.3437 million yuan. The violations span multiple areas including financial statistics, bank settlement accounts, collection services, bank card acquiring, network security, and data security. Additionally, the PBOC fined seven responsible individuals at Bohai Bank amounts ranging from 10,000 to 50,000 yuan. One individual was fined 50,000 yuan specifically for violating collection business management regulations, while others were penalized for issues related to credit information collection, customer identity verification, and reporting of large or suspicious transactions.
Read sourceChina's central bank fines Bohai Bank over 5.4 million yuan for 11 regulatory violations
On September 24, the People's Bank of China (PBOC) announced an administrative penalty against Bohai Bank for violating 11 regulatory requirements, including rules on financial statistics, bank settlement accounts, agency collection services, bank card acquiring, cybersecurity, and data security. The bank was issued a warning, had illegal income of 85,100 yuan confiscated, and was fined 5,343,700 yuan, totaling 5,428,800 yuan. Additionally, the PBOC fined seven responsible individuals from Bohai Bank between 10,000 and 50,000 yuan each. One person was fined 50,000 yuan for violating agency collection business regulations, while others were penalized for issues related to credit information collection, customer identity verification, and reporting of large or suspicious transactions.
Read sourceChina's Jiangsu Bank Fined 9.37 Million Yuan for 13 Regulatory Violations
The People's Bank of China (PBOC) has imposed a fine of 9.371 million yuan (approximately $1.3 million) on Jiangsu Bank for 13 regulatory violations, according to a disclosure on September 24. The violations include breaches of financial statistics, account management, payment acquiring, collection services, data security, and network security regulations, as well as occupying fiscal deposits or funds and failing to fulfill customer identity verification obligations. The bank received a warning and a notice of criticism, and was ordered to confiscate illegal gains of 1,782.2 yuan. Additionally, the PBOC fined six responsible individuals between 10,000 and 200,000 yuan each, with one person fined 200,000 yuan for violating payment acquiring business regulations. The penalties reflect China's ongoing regulatory crackdown on financial institutions' compliance failures.
Read sourceJiangsu Bank Fined 9.37 Million Yuan for 13 Violations Including Data Security
The People's Bank of China (PBOC) has imposed a penalty on Jiangsu Bank for 13 violations of laws and regulations, according to a disclosure on September 24. The bank was warned, publicly criticized, and ordered to confiscate illegal income of 1,782.2 yuan, along with a fine of 9.371 million yuan. The violations include breaches of financial statistics, account management, payment acquiring business, agency payment business, data security, and network security regulations, as well as occupying fiscal deposits or funds and failing to perform customer identity identification obligations as required. Additionally, the PBOC fined six responsible individuals between 10,000 and 200,000 yuan each, with one person fined 200,000 yuan for violating payment acquiring business regulations.
Read sourceChina's central bank fines four major banks for data security, AML violations
China's central bank, the People's Bank of China (PBOC), disclosed multiple administrative penalties on September 24, fining four major banks for a range of regulatory violations. Jiangsu Bank was fined 9.37 million yuan for 13 violations including breaches of financial statistics, account management, payment acquiring, data security, and cybersecurity rules. Postal Savings Bank of China (PSBC) received a warning, public criticism, and a fine of 17.433 million yuan, plus confiscation of illegal gains, for 10 violations including failing to perform customer identity verification, failing to report large or suspicious transactions, and transacting with unidentified customers. Bohai Bank was fined a total of 5.4288 million yuan (including confiscated gains) for 11 violations such as improper credit information collection and customer identity management. China Guangfa Bank was fined approximately 17.14 million yuan (including confiscated gains) for 10 violations, including occupying fiscal deposits or funds and violating credit information management rules. Multiple responsible individuals at each bank were also fined, ranging from 10,000 to 200,000 yuan.
Read sourceChina Fines Guangfa Bank Over $2.4 Million for 10 Regulatory Violations
The People's Bank of China (PBOC) has imposed a penalty of approximately 17.14 million yuan (about $2.4 million) on Guangfa Bank for 10 regulatory violations, according to an administrative penalty disclosure. The violations include non-compliance with financial statistics, account management, clearing, bank card acquiring, data security, and anti-counterfeit currency regulations. Additionally, the bank was found to have occupied fiscal deposits or funds, violated credit information management rules, failed to properly perform customer identity verification obligations, and failed to report large-value transactions as required. The PBOC issued a warning, confiscated illegal income of 16,200 yuan, and imposed a fine of 17.124 million yuan, totaling approximately 17.14 million yuan in forfeitures and fines. The action underscores China's ongoing regulatory crackdown on financial institutions for compliance failures in areas including anti-money laundering and data security.
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