China Watch Blog reports Shanghai’s banking regulator has tightened measures relating to bank employees who have committed fraud.
The Shanghai Office of the China Banking Regulatory Commission said that it has upgraded an existing database of fraud committed by bank employees into a system that will store records of penalties imposed on them. This added feature will be an important reference to financial employers to check the background of potential employees.
The system has kept over 2,600 records of misconduct since 2005. The penalties are categorized into criminal, administrative, extra judicial disciplinary, internal and others.
The system will keep the penalty records for five years after the punishment has been served, except for criminal penalties and senior director dismissals and lifetime bans ordered by the local banking regulator, the statement said.
Data will also be shared with the Shanghai Public Credit Information Service Platform.