Bank Regulator Cracks Down On Corruption In China

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China’s banking regulator has warned lenders against providing jobs, cash and gifts to government officials or state enterprise managers as part of any effort to solicit so-called public funds as deposits.

In a notice published yesterday, the China Banking Regulatory Commission (CBRC) told banks to strengthen their auditing and performance appraisal system to avoid “the illicit transfer of benefits”.

Local CBRC bureaus are required to report suspected discipline violations to the country’s anti-corruption watchdog, according to the notice, which is dated June 21.

VIOLATIONS

China is in the midst of a sweeping anti-corruption campaign that has punished more than a million party members, jailed top military figures and seen the country’s insurance regulator and a top banking regulator removed for suspected disciplinary violations, a euphemism for corruption.

Mr Guo Shuqing, who was appointed CBRC chairman in February, has also issued a flurry of policy directives and notices in recent months to shore-up supervision and prevent risk in the country’s 232 trillion yuan (S$47.1 trillion) banking sector.

Source: TNP

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