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PBOC Fines Bank of East Asia Unit $2.6m Over Data – Caixin

Industry experts believe the penalty sends a message to the credit reporting industry that authorities will ensure security for personal financial information


Bank of East Asia
Bank of East Asia was fined $2.6 million for violations related to the collection and management of credit information. Photo: Reuters

 

China’s central bank has fined a Chinese mainland subsidiary of the Bank of East Asia a record 16.74 million yuan ($2.6 million) for violations related to the collection and management of credit information.

Industry experts believe the People’s Bank of China‘s penalty sends a message to the credit reporting industry that authorities will continue to step up efforts to ensure security over personal financial information.

Read the full report: Caixin.

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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