On 22 February 2021, the Shenyang Branch of the People's Bank of China published information of administrative penalties, and the Liaoning Branch of the Bank of China Co., Ltd. was fined 1.147 million yuan for five violations.

According to the penalty information,the five kinds of violations are:

Failed to collect and use personal financial information of consumers according to the regulations;

Conducted misleading publicity in marketing activities;

Record-keeping units failed to file the documentation of settlement account cancellation to the People’s Bank of China within the time limit.

Violated regulations in  the operations of national treasury agency.

Failed to fulfil customer identification obligations in accordance with regulations .

According to the violations, we can notice issues related to data mainly involve the collection and use of personal financial information. Compared to other types of data, financial is more special because it involves more sensitive information. Therefore, regulations on the collection and use of data in financial organizations is especially important.  People's Bank of China levying hefty fines on Liaoning Branch of the Bank of China indicates stricter governance of financial data and the importance of personal information protection by watchdog agencies.

Release Time:22/02/2021 Source: Shenyang Branch of People’s Bank of China

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