Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Sina Weibo to Issue $750 Million in Bonds
Embattled Leshi Forced to Sell Smart TV, Livestreaming Trademarks
Autowise.ai and Swiss Cleaning Carmaker Launch Driverless Street Sweeper
Trending in China: How an ‘Old Godmother’ Took on China’s Internet Giant and Won
China’s IT Spending Expected to Hit $297 Billion: IDC
TikTok Moves Data Protection of European Users from U.S. to U.K. and Ireland
Trending in China: Dazed and Confused – China’s Elderly in Online Pandemic World
Alibaba-Owned Taobao Live Sacks Former Operating Head for Corruption
Tesla Supplier CATL Breaks Ground With New Battery Lab
Chinese Online Educator Zuoyebang Receives $750 Million Investment
Didi to Halt Service in Several Japanese Prefectures Citing Impact of Covid-19
Trending in China: ‘Robotaxis’ A Brave New World or Creating More Unemployment?
Lazada Appoints Former Alibaba Executive as New CEO
Central Bank Ramps Up Punishment for Money Laundering

By Peng Qinqin and Guo Yingzhe / Feb 17, 2020 02:38 PM / Business & Tech

Photo: VCG

Photo: VCG

China’s central bank has increased the punishment for financial institutions that fail to adequately guard against money laundering, imposing fines of over 10 million yuan ($1.4 million) for the first time ever.

China Minsheng Banking and China Everbright Bank were fined 23.6 million yuan and 18.2 million yuan respectively for failing to properly perform required customer ID checks, keep customer data and transaction records, and report large or suspicious transactions, said statements posted Friday on the People’s Bank of China (PBOC) website. They were also accused of conducting transactions with unidentified customers.

The PBOC also fined brokerage Huatai Securities 10.1 million yuan for similar violations.

Regulators last year signaled an end to the practice of fining institutions a few hundred thousand yuan for money laundering violations and the start of an era of dramatically higher penalties, a senior bank compliance insider told Caixin.

The central bank has strengthened money laundering regulations in recent years. In 2018, it doled out penalties totaling nearly 190 million yuan for violations, 41% more than the previous year.

Read the full story on Caixin Global later today.

Contact reporter Guo Yingzhe (yingzheguo@caixin.com)

Related: China Steps Up Fight Against Money Laundering

Share this article
Open WeChat and scan the QR code