On September 17, according to the administrative penalty information disclosure table published by the Zhejiang Provincial Branch of the People's Bank of China, Hangzhou United Rural Commercial Bank Co., Ltd. has been penalized for multiple regulatory violations. The bank received a fine of 1.773 million yuan due to its failure to conduct customer due diligence in accordance with prescribed regulations, its omission in reporting suspicious transactions as required, and its provision of services and execution of transactions with clients whose identities were unverified.

The penalty details are outlined in the administrative penalty decision document numbered Zhe Yin Fa Jue Zi [2026] No. 24. The violations specifically include: first, failing to perform adequate customer due diligence procedures as mandated; second, neglecting to report suspicious transactions in line with regulatory obligations; and third, engaging in business activities with unidentified customers, including offering services and processing transactions for such parties.

Consequently, the People's Bank of China Zhejiang Provincial Branch has imposed a monetary fine of 1.773 million yuan on the institution. The penalty decision was officially issued on September 11, 2026, and the disclosure period for this administrative sanction has been set for a duration of three years, starting from the date of public announcement.