The Shanghai branch of the People's Bank of China has imposed a fine of 2.4978 million yuan on CCB Life Insurance Co., Ltd. for violations related to anti-money laundering regulations. The penalties were issued on February 10, 2026.

The company was penalized for three primary compliance failures: not conducting money laundering risk assessments or establishing corresponding risk control systems as required, failing to perform adequate customer due diligence, and neglecting to report suspicious transactions in accordance with regulations.

In a related action, an individual named Liu was fined 15,800 yuan for bearing direct responsibility for the company's failure to conduct proper customer due diligence.