The People’s Bank of China disclosed an administrative penalty on China Guangfa Bank for 10 violations, including breaches of financial-statistics rules, account and clearing management, bankcard acquiring, data security, anti-counterfeit-currency controls, occupying fiscal deposits/funds, violations of credit-information rules, failure to perform customer ID checks and failure to report large transactions. The PBOC issued a warning, confiscated illegal proceeds of CNY16,200 and imposed a fine o

The People’s Bank of China disclosed an administrative penalty on China Guangfa Bank for 10 violations, including breaches of financial-statistics rules, account and clearing management, bankcard acquiring, data security, anti-counterfeit-currency controls, occupying fiscal deposits/funds, violations of credit-information rules, failure to perform customer ID checks and failure to report large transactions. The PBOC issued a warning, confiscated illegal proceeds of CNY16,200 and imposed a fine of CNY17,124,000, totaling about CNY17.14 million.