On June 5, a financial regulatory body disclosed administrative penalty information, revealing that Industrial And Commercial Bank Of China Limited (ICBC) has been fined 1.05 million yuan.

The penalty was issued for inadequate risk management and controls related to the deployment and changes of critical information systems, as well as for failing to report major information system incidents as required by regulations.

Penalty Details for Other Institutions

The disclosure also listed penalties for several other financial institutions.

China Construction Bank Corporation was fined 700,000 yuan for insufficient risk controls on critical information system changes and inadequate emergency management for such systems.

Bank of Communications Co., Ltd. received an 800,000 yuan fine for deficiencies in disaster recovery capability construction and insufficient emergency management of important information systems.

China CITIC Bank Corporation Limited and related personnel were penalized for imprudent management of certain loan and credit card business operations. The bank was fined 11.4 million yuan. Individuals including Liu Xiaokai were warned and fined 50,000 yuan, while others such as Bai Yanchao, He Jian, Zhang Jie, and Liu Shuangyi received warnings.

Taiping General Insurance Company Ltd. and related personnel were penalized for failing to set aside adequate outstanding claim reserves as required, using insurance clauses and rates not approved or filed, submitting inaccurate data, and conducting business across unauthorized regions. The company was warned and fined 3.73 million yuan. Individuals including Ren Jie, Xu Long, Huang Yongjun, Lu Tao, Zhang Wei, Chen Yongbing, and Zhao Lei were collectively warned and fined a total of 620,000 yuan.

All the aforementioned administrative penalty decisions were made by the national financial regulatory authority.