China's banking and insurance regulator said on Tuesday it fined an onshore...
FILE PHOTO: Unicredit bank logo is seen on a banner downtown Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini/File Photo
BEIJING - China’s banking and insurance regulator said on Tuesday it fined an onshore branch of Italy’s UniCredit Bank AG [UCCDB.UL] 10.3 million yuan for embezzlement. A UniCredit employee transferred “a huge amount” of clients’ money to external accounts without authorization, according to a statement issued by the Shanghai bureau of the China Banking and Insurance Regulatory Commission on its website.The embezzlement involved using a supervisor’s password to access clients’ accounts, indicating the bank’s “severe loopholes on risk management and internal controls” and “insufficient prevention on moral hazard”, the regulator said.
The employee has been barred from the banking business for life, the then president of the branch has been barred from senior management roles for two years, and the branch was fined, according to the statement. The Italian bank entered the Chinese market in 1982 and has one office and two banking branches operating onshore.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fresh clashes in Hong Kong after huge march to China stationPolitical violence broke out again on Sunday night after a huge march in front of a train station which links Hong Kong to mainland China.
Read more »
China steel hub Hebei moves 2019 industrial capacity cutting targets forwardChina's top steelmaking province of Hebei has moved up the target dates for...
Read more »
China committed to opening up, but other nations must contribute more to world peace: vice presidentChinese Vice President Wang Qishan told a forum in Beijing on Monday that China ...
Read more »
Wife of China's Meng, former Interpol chief, sues agencyThe wife of the former head of Interpol, who was detained in his native China, s...
Read more »
U.S. Fed easing could prompt first China rate cut in four years: analystsChina's central bank could cut its benchmark policy rate for the first time...
Read more »
China refiners curb fuel output after massive new plants stoke glutChina's fuel producers are making extended curbs to their output in the thi...
Read more »