The China Insurance Regulatory Commission initiated the investigation procedure for the disclosure of customer account information by CITIC Bank

Circular of the consumer rights protection bureau of the China Banking Regulatory Commission on China CITIC Bank’s infringement of the legitimate rights and interests of consumers

yin Bao Jian Xiao Bao Fa [2020] No. 5

all banking and insurance regulatory bureaus, all policy banks, large banks, joint-stock banks, foreign banks, insurance group (holding) companies, insurance companies, and all management units:

in order to practice the people-centered development idea, implement the concept of supervision according to law, and earnestly safeguard the legitimate rights and interests of bank insurance consumers, CITIC Bank’s infringement of the legitimate rights and interests of consumers is hereby notified as follows:

on March 2020, CITIC Bank provided the transaction details of the personal bank account to the third party without the authorization of the customer, which violated the principle of confidentiality for the depositor, suspected of violating the “The People’s Republic of China Commercial Bank Law” and the regulatory provisions of the China Insurance Regulatory Commission on personal information protection, seriously infringing on consumer information security rights and damaging the legitimate rights and interests of consumers.

Our bureau will start the investigation procedure in accordance with relevant laws and regulations and investigate and deal with it in strict accordance with the law.

All bank insurance institutions should give rise to warnings in strict accordance with the The People’s Republic of China Commercial Bank Law. The The People’s Republic of China insurance law and the guidance of the China Insurance Regulatory Commission on Strengthening the system and mechanism construction of consumer protection in banking and insurance institutions have earnestly implemented relevant laws, regulations and regulatory provisions, carry out business activities in compliance with the law and effectively protect the legitimate rights and interests of consumers.

Bank of China Insurance Regulatory Commission Consumer Rights Protection Bureau

may 9, 2020

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