The People's Bank of China Zhejiang Branch has imposed a fine of 4.85 million yuan on Zhejiang Chouzhou Commercial Bank Co., Ltd. for failing to comply with customer identity verification requirements and for not submitting mandatory reports on large or suspicious transactions as stipulated by regulations.

In addition to the corporate penalty, individual fines were levied against specific department heads held accountable for the violations.

Zhu Moufeng, from the bank's Internet Finance Department, was fined 27,500 yuan for being responsible for the bank's failure to properly perform customer identity verification duties.

Chen Mouhong, from the Small and Micro Business Retail Department, received a 10,000 yuan fine for responsibility over the same violation concerning customer identity verification.

Wang Mou, from the Legal and Compliance Department, was fined 27,500 yuan for responsibility over the bank's failure to submit the required reports on large or suspicious transactions.

Lu Mouhua, from the International Business Department, was fined 37,500 yuan for responsibility over both types of violations: the failure in customer identity verification and the failure to report large or suspicious transactions.