On July 10th, the Shanghai branch of the People's Bank of China published an administrative penalty notice.

The notice reveals that the Shanghai branch of Zhejiang Tailong Commercial Bank Co., Ltd. has been penalized for failing to conduct customer due diligence as required and for not reporting suspicious transactions in accordance with regulations.

As a result, the Shanghai branch of the People's Bank of China has issued a warning to the bank's Shanghai branch and imposed a fine totaling 1.976 million yuan.