For multiple violations including failure to refund installment interest as required, the Construction Bank Credit Card Center was fined and confiscated more than 5.75 million yuan.

On March 23, the Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission disclosed administrative penalties indicating that China Construction Bank’s Credit Card Center was found to have committed the following major violations: serious violations of prudent management rules in customer credit investigation, credit limit management, installment fund management, and overdraft fund management; failure to take prudent regulatory measures for high-risk cardholders; issuing credit loans to related parties; engaging in credit card marketing activities without qualification verification; serious violations of prudent management rules in credit card issuance, cash advance installment business, suspicious transaction account management, and failure to refund installment interest as required; serious violations in card issuance management, credit card collection outsourcing management, and merchant acceptance management; resulting in fines and penalties totaling 5,752,652.31 yuan by the Shanghai Financial Regulatory Bureau.

Additionally, Yi Huihui and Han Liang, then Deputy Directors of Risk Management at the Construction Bank Credit Card Center, were issued warnings and fined 50,000 yuan each.

(China Banking and Insurance Regulatory Commission)

(Editor: Qian Xiaorui)

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