On March 11, the Laiwu branch of the Agricultural Bank of China (ABC) was issued a warning and fined 114,000 yuan for violating account management regulations and failing to conduct customer due diligence as required.

The penalty was disclosed in an administrative punishment decision published by the Laiwu branch of the People's Bank of China.

According to the document, ABC's Laiwu branch was found to have breached account management rules and did not perform customer due diligence in accordance with regulations.

The penalty was imposed on March 3 and will remain on record for three years.