Xinhua published an article on the Shanghai Banking Regulatory Commission’s fines issued to seven banks in Shanghai. The article said that the fines indicate that there are omissions in the bank’s credit card approval process. The seven banks in Shanghai included six Chinese banks and one foreign bank, the Citi Bank in China. The total amount of fines was 2.4 million yuan (US$391,849). The article listed the three types of omissions that had the highest rate of occurrence in the banking industry. These were a lack of control in approving credit card applications, a generous credit line, and a lack of strict control in dealing with abnormal transactions.
Source: Xinhua, November 23, 2014