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Top regulator tells banks to boost controls
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Chinese banks have been ordered to strengthen their risk control and business compliance measures after two widely reported scandals recently hit the sector, the top industry regulator said yesterday.
The economic and financial environment facing the banking industry is complex and severe, and some long-accumulated problems have been exposed, said a notice from the China Banking and Insurance Regulatory Commission.
Some banks are ineffective in implementing national macro-policies, some have been repeatedly investigated over credit management and some have tried every trick to use regulatory arbitrage, the commission said.
“In particular, the recent cases involving the bills business pledged by certificates of deposit have damaged the reputation of the industry, and problems such as weak awareness of compliance, insufficient assessment of potential risks and a lack of core management systems and control measures have surfaced,” it said.
Last month, China Bohai Bank, based in the northern city of Tianjin, was accused by an enterprise client of secretly using its 2.8 billion yuan (US$438 million) of deposits as collateral. Shanghai Pudong Development Bank faces similar accusations. The CBIRC is investigating.
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