Lingchuan Shentong Village and Town Bank was penalized for violations; its largest shareholder is Shenzhen Rural Commercial Bank.

China Economic Net Beijing, March 12 — The website of the People’s Bank of China Guangxi Zhuang Autonomous Region Branch published a public notice of administrative penalty decisions yesterday. The notice shows that Lingchuan Shentong Village Bank Co., Ltd. provided false statistical reports; failed to establish and improve internal anti-money laundering control systems as required; did not conduct customer due diligence as required; and did not report the opening of corporate bank settlement accounts in a timely manner.

The People’s Bank of China Guangxi Guilin Branch issued a warning and a fine of 205,000 yuan to Lingchuan Shentong Village Bank Co., Ltd.

Tianyancha data indicates that the largest shareholder of Lingchuan Shentong Village Bank Co., Ltd. is Shenzhen Rural Commercial Bank Co., Ltd., holding a 61% stake.

Original text below:

(Editors: Liu Chang)

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