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China Central Bank Fines 3 Financial Institutions $10.5 Million for Violations of Consumer Protection, Risk Management & Information Collection, Ping An Bank Fined $5.5 Million, Postal Savings Bank of China Fined $4.4 Million, PICC Property & Casualty Fined $637,000
7th July 2023 | Hong Kong
China central bank People’s Bank of China (PBOC) has fined 3 financial institutions $10.5 million (CNY 76.4 million) for violations of consumer protection, risk management & information collection. Ping An Bank is fined $5.5 million (CNY 39.9 million), Postal Savings Bank of China is fined $4.4 million (CNY 31.9 million), and PICC Property & Casualty Co. is fined $637,000 (CNY 4.6 million). Individuals were also fined and punished for the violations.
“ China Central Bank Fines 3 Financial Institutions $10.5 Million for Violations of Consumer Protection, Risk Management & Information Collection, Ping An Bank Fined $5.5 Million, Postal Savings Bank of China Fined $4.4 Million, PICC Property & Casualty Fined $637,000 “
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