Chuzhou Wan Dong Rural Commercial Bank fined 750,000 yuan for multiple violations

On March 27, Blue Whale News reported that recently, the Chuzhou Branch of the People’s Bank of China released an administrative penalty information disclosure form targeting Chuzhou Wandong Rural Commercial Bank Co., Ltd.

The penalty notice indicated that the main illegal and regulatory violations of Chuzhou Wandong Rural Commercial Bank include: failure to submit relevant materials for the establishment and cancellation of record-keeping accounts as required; failure to conduct customer due diligence as required; failure to report suspicious transactions as required; failure to seize counterfeit currency upon discovery; failure to collect counterfeit currency as required; failure to properly surrender counterfeit currency to the local People’s Bank; and the illegal withholding of fiscal funds.

In response to the aforementioned violations, the Chuzhou Branch of the People’s Bank of China issued a warning and imposed a fine of 750,000 yuan.