Bank of Shanghai was fined nearly 100 million yuan by the State Foreign Exchange Burea

Bank of Shanghai has received a huge ticket from the Shanghai Branch of the China State Administration of Foreign Exchange due to illegal handling of internal insurance and foreign loans, and three other relevant persons in charge were held accountable alone.

Comprehensive Caixin.com and Phoenix.com reported that the Shanghai Branch of the State Administration of Foreign Exchange (Shanghai Branch of the Foreign Exchange Bureau) issued a issued on Friday (April 28)The administrative penalty decision of illegal facts such as internal insurance and other businesses, virtual increasing transaction volume of inter -bank foreign exchange markets, and other illegal facts decide on illegal facts.Yuan.At the same time, the official website of the Shanghai Branch of the Foreign Exchange Bureau also issued a penalty decision on the relevant person in charge of the three banks of Shanghai.

According to the announcement, the punishment mainly involves the eight illegal facts of the Bank of Shanghai, of which are: branches without the qualification of foreign exchange sales business to handle foreign exchange and sales business;Regulate and sell foreign exchange and sales business; illegally sell foreign currency wealth management products to overseas individuals; handle internal and foreign loan business in violation of regulations; illegal regulations to apply for reserve money settlement; not submitting foreign exchange settlement statistics in accordance with regulations; transaction volume of domestic foreign exchange markets in virtual banks;Using unauthorized communication tools to carry out inter -bank foreign exchange market transactions and not preserved records of interbank foreign exchange market transactions in accordance with regulations.

The Bank of Shanghai responded that the business involved in the above punishment occurred from 2019 to 2021, and some businesses traced back according to the time of handling.The bank attaches great importance to regulatory inspection and rectification work, and the investigation of the problems discovered is to change and carry out accountability for relevant responsible persons.At the same time, the bank has strengthened internal control construction and risk management mechanisms by improving measures such as institutional systems and optimizing management processes.

Bank of Shanghai also said, "The above punishment has no major adverse effects on the business development and continuous operation of the bank."