China News Agency, Beijing, May 9 (Reporter Wang Enbo) The Consumer Rights Protection Bureau of the China Banking and Insurance Regulatory Commission notified the CITIC Bank of infringing on the legitimate rights and interests of consumers on the 9th. According to the report, the bureau will initiate investigation procedures based on relevant laws and regulations, and conduct investigations in strict accordance with laws and regulations.
On May 6th, Mainland talk show actor Wang Yuechi (stage name "Chizi") posted on Weibo that CITIC Bank Shanghai Hongkou Sub-branch would bank its personal bank without its authorization and legal investigation procedures by any judicial authority. The account transaction details provided to the Xiaoguo Cultural Company in economic disputes with it violated personal privacy.
The incident quickly attracted attention on the Internet. In the early hours of May 7, CITIC Bank issued an apology letter admitting that the disclosure of customer information was true, saying that the bank had already punished relevant employees in accordance with the system and dismissed the branch president.
The Consumer Insurance Regulatory Bureau of the China Insurance Regulatory Commission pointed out that in March 2020, CITIC Bank provided personal bank account transaction details to third parties without the authorization of the customer, which violated the principle of confidentiality for depositors and was suspected of violating the business of the People ’s Republic of China. The Banking Law and the Banking and Insurance Regulatory Commission ’s regulations on the protection of personal information have seriously violated consumers ’right to information security and harmed consumers’ legitimate rights and interests.
The circular stated that all banking and insurance institutions should issue warnings in strict accordance with the "Commercial Banking Law of the People's Republic of China", the "Insurance Law of the People's Republic of China" and the "Guiding Opinions of the China Banking and Insurance Regulatory Commission on Strengthening the Protection of Consumer Rights and Interests by Banking and Insurance Institutions" Seriously implement relevant laws and regulations and regulatory provisions, carry out business activities in accordance with laws and regulations, and effectively protect the legitimate rights and interests of consumers.
According to Article 29 of the Commercial Bank Law of the People's Republic of China, commercial banks should follow the principles of voluntary deposits, free withdrawals, interest-bearing deposits, and confidentiality for depositors when handling personal savings and deposits. With regard to personal savings deposits, commercial banks have the right to refuse any unit or individual to inquire, freeze, or deduct, unless otherwise provided by law. (Finish)