HSBC's China Arm Fined 1.261 Million Yuan for Data Security and Other Regulatory Breaches
Deep News
1 hour ago
On September 4th, according to the administrative penalty information disclosure table from the People's Bank of China Shanghai Branch, HSBC Bank (China) Company Limited has been penalized for multiple regulatory violations. The bank was found to have breached regulations concerning financial statistics management, account management, the collection, provision, and inquiry of credit information, the circulation of the Renminbi, anti-counterfeit currency business management, and data security management.
As a result of these infractions, the People's Bank of China Shanghai Branch has issued a warning to the institution, confiscated its illegal gains amounting to 532,524.84 Yuan, and imposed a fine of 1.261 million Yuan.
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