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 administrative penalty information disclosed by the Shanghai Bureau of the National Financial Regulatory Administration shows that the Credit Card Center of China Construction Bank Corp. has the following major illegal violations: the investigation of customer credit levels seriously violates prudent business rules, the management of credit limits seriously violates prudent business rules, the management of credit card installment funds seriously violates prudent business rules, the management of overdraft funds on credit cards seriously violates prudent business rules, no prudent regulatory measures taken for high-risk cardholders, issuing credit loans to related parties, engaging in credit card issuance marketing activities without qualification recognition, the issuance of credit cards seriously violates prudent business rules, cash advance installment business seriously violates prudent business rules, management of suspicious transaction accounts seriously violates prudent business rules, failure to refund installment interest as required, management of issuance business seriously violates prudent business rules, management of credit card collection outsourcing seriously violates prudent business rules, and inadequate management of merchant access, resulting in a total fine of 5,752,652.31 yuan imposed by the Shanghai Financial Regulatory Bureau.

At the same time, Yi Huihui, then Deputy Director of the Risk Management Department of the Credit Card Center of China Construction Bank, and Han Liang were both warned and fined 50,000 yuan.

(National Financial Regulatory Administration)

(Editor: Qian Xiaorui)

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