PBOC China Fines Bank of East Asia $2.6 mln for Violating Credit Information Rules

Posted by Joachim Bartels | Jan 11, 2022 | ! Homepage Slider, ! Recent Country News, Breaking News, China, Insights, People's Bank of China, Regulatory, Regulatory News | 0 |

China’s central bank announced on Monday it fined Hong Kong’s Bank of East Asia 0023.HK 16.74 million yuan ($2.63 million) for violating rules on collecting credit information, a filing showed.

The penalty, which was conducted on Jan. 6 but revealed on Monday, did not provide other details, the filing posted on the Shanghai office of the People’s Bank of China (PBOC) showed.

China’s central bank finalised rules on the management of credit assessment in September, to prevent over-collection and misuse of credit information from individuals and businesses, and imposed requirements on agencies to ensure they protect personal information.

The rules took effect from Jan. 1.

Source: NASDAQ

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