Announcement of Administrative SanctionsThe People's Bank of China announced an administrative penalty decision on February 2, 2024.
The announcement, issued on Feb. 8, states that China UnionPay*** has been severely penalized for violating several banking regulations.
China UnionPay was fined RMB 15.4 million for violating the regulations on merchant management, payment acceptance terminals and related business management, and customer reserve management.
Punishment of individual responsible persons" In this punishment, seven relevant persons in charge of China UnionPay's business departments were also given administrative warnings and were fined between 80,000 yuan and 500,000 yuan.
Like companies, the penalties for these responsible persons also stem from violations of merchant management regulations, etc.
The fine marks the People's Bank of China's first 10-million-level administrative penalty in 2024.
According to statistics, the amount of this fine has reached a striking order of magnitude.
In response to this severe fine, China UnionPay responded with sincerity and decisiveness.
According to the report of the Financial Associated Press, UnionPay expressed great importance to the fine and promised that it would resolutely implement and strictly implement the rectification requirements.
China UnionPay said that it has been looking for its own shortcomings, and under the guidance of the financial regulatory authorities, it has actively carried out a series of immediate investigations, reforms and long-term rectifications.
UnionPay promises to always strictly abide by various regulatory systems, strictly fulfill its responsibilities as a bank card clearing institution, adhere to the bottom line of compliance and risk, and promote the high-quality development of the payment industry.
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