The Industrial and Commercial Bank of China and three other lenders will be fined and face other punishment for failing to obey rules regarding the reporting of risk exposure and possible fraud cases, the China Banking Regulatory Commission said Tuesday in a notice issued to financial institutions, a source told Shanghai Daily.
The notice of criticism also singled out the Bank of China, China Minsheng Banking Corp and a rural credit cooperative.
The source said three cases involving fundraising fraud, loansharking by bank employees and reselling guaranteed bank certificates have recently been widely reported in the media before the commission had received any reports from the lenders.
The regulator criticized the banks for not filing reports sooner, which resulted in "severe" negative impacts.
"It's already been reported in the media, but the financial institutions still haven't submitted any informative reports, which is a serious violation of the rules, causes passive supervision and delays investigations," the CBRC said in the notice.