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December 7, 2020

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BOC fined over crude oil futures

China’s banking regulator said on Saturday it has made administrative punishment decisions and taken regulatory measures following an investigation into a risk incident related to a crude oil futures product sold by Bank of China.

The China Banking and Insurance Regulatory Commission said it attaches great importance to the incident, which was triggered by the BOC’s Yuanyoubao product, and has urged the bank to protect investors’ rights and interests.

A total fine of 50.5 million yuan (US$7.7 million) has been imposed on BOC and its branches, and BOC senior executives involved have been warned and fined, said the commission.

The commission will continue to tighten oversight and urge banking and insurance institutions to enhance compliance, in a bid to safeguard the rights and interests of financial consumers and to ward off systemic financial risks, it said.

BOC said in a statement that it accepts the punishment and will implement relevant regulation measures. It will draw lessons from the incident and will hold accountable those responsible in line with related laws and rules, the bank said, adding that it will continuously enhance its capability of controlling risks and maintain prudent and compliant operations.

BOC will continue to communicate with clients on solutions and try its best to address the issue appropriately, it said.


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