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Central Bank Fines ICBC, Bank of Chongqing for Anti-Money Laundering Breaches
Liao Shumin
DATE:  Jun 21 2022
/ SOURCE:  Yicai
Central Bank Fines ICBC, Bank of Chongqing for Anti-Money Laundering Breaches Central Bank Fines ICBC, Bank of Chongqing for Anti-Money Laundering Breaches

(Yicai Global) June 21 -- Chinese lenders, including Industrial and Commercial Bank of China and Bank of Chongqing, were handed more than 60 fines by regulators last weekend due to their insufficient anti-money laundering control.

The banking industry was fined CNY44.5 million (USD6.6 million) in the week ended June 17, Yicai Global learned from incomplete statistics. Some of the individual penalties exceeded CNY1 million (USD149,300),

The People’s Bank of China and its local arms punished 365 banking institutions last year, with a total tally of CNY261 million (USD39 million), according to public information.

The latest violations touched various parts of the country. The Chongqing department of the central bank imposed a fine of CNY6 million (USD895,800) on the local branch of ICBC as it failed to confirm customers’ identities and submit reports on large and suspicious transactions as required.

Bank of Chongqing needs to pay CNY4 million and Chongqing Rural Commercial Bank CNY2.6 million for failing to keep customer information and transaction records while conducting transactions with unidentified customers.

In northeastern China, the Jilin branch of ICBC was fined CNY5.1 million for failing to confirm customers’ identities and disclose important details related to financial products and services, the PBOC's Changchun branch said on June 17.

In Guiyang, the local branch of Industrial Bank was penalized with a CNY1.8 million fine as the lender in Guizhou province had not fulfilled its customer identification obligations. Moreover, Bank of Guizhou was fined CNY2.8 million for violating anti-money laundering regulations, according to the central bank's Guiyang arm.

Editor: Emmi Laine, Xiao Yi

 

 

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Keywords:   Anti-Money Laundry,China