( January 4, 2023, 02:12 GMT | Official Statement) -- MLex Summary: China Merchants Bank, China Guangfa Bank and payment service provider China UnionPay Merchant Services received warnings and were fined, respectively, for multiple violations including breaches of anti-money laundering regulations, credit-information collection and processing rules and consumers’ financial information protection, according to administrative penalty notices issued by the country’s central bank. China Merchants bank and China Guangfa Bank were both fined more than 34 million yuan ($4.89 million) while China UnionPay Merchant Services received a fine of more than 65 million yuan and had its illegal earnings confiscated. In addition, three senior management staff and one data expert with China Guangfa Bank each received 75,000-yuan fines for their roles in credit-information violations. The administrative penalty notices, in Chinese, are attached: ...
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