The credit reporting firm is punished for operating without a proper license and of failing to file timely updates.

China’s central bank issued a record penalty to a domestic credit reporting company for conducting personal credit checks without a license, delivering a severe reprimand to the financial data industry and a deemed to be a victory for consumer data privacy.

The People’s Bank of China (PBOC) confiscated illegal gains of 19.2 million yuan ($3 million) by Pengyuan Credit Service Co. Ltd. and fined it a further 620,000 yuan partly for conducting an unlicensed personal credit reporting business, according to an announcement (link in Chinese) published Wednesday. The PBOC also accused Pengyuan of failing to file timely updates on senior management appointment.

Source: Caixinglobal.com