IBK Fined for Breaking China’s Foreign Exchange Regulations

HomeForex News

IBK Fined for Breaking China’s Foreign Exchange Regulations

Industrial Bank of Korea (IBK) Suzhou branch in China was fined for violating China’s foreign exchange regula




Industrial Bank of Korea (IBK) Suzhou branch in China was fined for violating China’s foreign exchange regulations.

On Dec. 28, Jiangsu Province authorities confiscated 299.04 yuan of illegal income from the Suzhou branch of IBK in China for failing to submit financial accounting reports and statistical reports as stipulated in Articles 47 and 48 of the Regulations on Foreign Exchange Administration. A fine of 575,000 yuan was slapped on IBK.

After opening the branch in Suzhou, Jiangsu Province, in December 2007, IBK has been serving Korean companies doing business in the region.

news.google.com