CITIC Bank's Shandong branch fined for cybersecurity, AML violations in China

( February 7, 2025, 03:58 GMT | Official Statement) -- MLex Summary: A CITIC Bank branch in China's Rizhao city, Shandong Province, received a warning and a fine of 540,000 yuan ($74,000) for violations related to cybersecurity, data security and anti-money laundering, according to the People's Bank of China's Shandong provincial branch. The bank failed to promptly address data-security vulnerabilities and neglected to establish a contingency plan for cybersecurity incidents. It also breached financial-statistics regulations and did not meet customer-identification obligations as required. In addition, the bank's deputy general manager of the retail banking department was fined 17,500 yuan for negligence in overseeing the bank's anti-money laundering compliance.The penalty decision is attached....

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CITIC Bank's Shandong branch fined for cybersecurity, AML violations in China

Prepare for tomorrow’s regulatory change, today

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