On June 5th, financial regulatory news emerged as the National Financial Regulatory Administration's list of administrative penalties was made public.

The list shows that China Construction Bank Corporation has been fined 700,000 yuan. The penalties are due to insufficient risk control in the deployment and changes of critical information systems, as well as inadequate emergency management for these systems.

Penalty Details

A table of recent penalties issued by the financial regulator is provided below.

Industrial and Commercial Bank of China was fined 1.05 million yuan for inadequate risk control in the deployment and changes of critical information systems and for failing to report major information system incidents as required.

China Construction Bank Corporation was fined 700,000 yuan for insufficient risk control in the deployment and changes of critical information systems and for inadequate emergency management of these systems.

Bank of Communications Co., Ltd. was fined 800,000 yuan for insufficient disaster recovery capability building and inadequate emergency management of critical information systems.

China CITIC Bank Corporation Limited, along with relevant responsible personnel, was penalized for imprudent management of related loan and credit card businesses. The bank was fined 11.4 million yuan. Individuals including Liu Xiaokai, Bai Yanchao, He Jian, Zhang Jie, and Liu Shuangyi received warnings, with Liu Xiaokai also receiving a 50,000 yuan fine.

Taiping Property Insurance Co., Ltd., along with relevant responsible personnel, was penalized for failing to set aside claim reserves as required, not using approved or filed insurance clauses and rates, submitting inaccurate data, and conducting business across regions. The company received a warning and a fine of 3.73 million yuan. Individuals including Ren Jie, Xu Long, Huang Yongjun, Lu Tao, Zhang Wei, Chen Yongbing, and Zhao Lei received warnings and fines totaling 620,000 yuan.