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Italian UniCredit fined over RMB10 million in China

July 11, 2019


Abstract : The Shanghai Banking Regulatory Bureau Tuesday fined UniCredit S.p.A. 10.3 million yuan for multiple violations, including improper practices in wealth management and employee management, according to the Xinhua-run newspaper Economic Information Daily.

BEIJING, July 11 (Xinhua) -- The Shanghai Banking Regulatory Bureau Tuesday fined UniCredit S.p.A. 10.3 million yuan for multiple violations, including improper practices in wealth management and employee management, according to the Xinhua-run newspaper Economic Information Daily.

It is the largest-ever fine with the amount reaching 10 million yuan levied by China's banking regulatory system since the beginning of this year. 

The China branch of the Italian global banking and financial services company was fined for six violations during the period from January, 2016 to May, 2018. 

It is reported that the violations include that an employee handled the external payment of certain accounts without instructions to do so; the branch did not implement separation measures for certain posts that are incompatible; the branch did not completely and accurately record certain transfer transaction information; the branch did not effectively reconcile certain transfer transactions; the management of branch's information technology outsourcing was imprudent; the case-control measure and management of employee behavior were imprudent.

As a result, in addition to the fine, a director of the branch was disqualified from the position of director and senior manager at any banking financial institutions for two years, and an employee was prohibited from working in the banking industry for life, according to the banking regulator in Shanghai. 

In 2019, the banking supervision in China continues to be strict, and commercial banks including foreign banks and local banks with potential risks and historical violations will gradually be traced and regulated, meaning that there are likely to be more fines in the future, said Li Wanbin, a researcher from the big data research institute under Rong360.com. (Edited by Li Wenxin, [email protected])

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Keyword: foreign banks regulation UniCredit

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