2020-05-08 Enlightenment from CITIC Bank’s “Flowing Water Gate”

On the afternoon of May 6, an actor posted on Weibo that China CITIC Bank leaked his personal bank account information to the company he worked for. This incident attracted the attention of netizens and quickly spread.

Among the case materials sent by the company to the actor, there were actually transaction details of his personal account at CITIC Bank. CITIC Bank Shanghai Hongkou Branch provided his personal account statement to the company without my authorization. This is an illegal act of infringing on a citizen's personal information. Through a lawyer, it sent a letter requesting CITIC Bank and the company to compensate for the losses and publicly apologize.

Some lawyers said that according to the law, personal bank account transaction details are important personal privacy, and banks cannot hand over personal account transaction details to third parties.

In the early morning of May 7, China CITIC Bank solemnly apologized. At the same time, the bank had punished relevant employees in accordance with system regulations and removed the branch president. Among the 3928 netizens who participated in the survey, 92.24 believed that the bank’s leakage of personal information was not an isolated case, 72.81 netizens stated that they would no longer “trust” CITIC Bank, and 99.06 netizens believed that the bank should bear responsibility for employees’ leakage of customer personal information. .

According to Article 29 of the "Commercial Bank Law", commercial banks handling personal savings deposits should follow the principles of voluntary deposits, free withdrawals, interest-bearing deposits, and confidentiality for depositors. For personal savings deposits, commercial banks have the right to refuse any unit or individual's inquiry, freeze, or deduction, unless otherwise provided by law.

Infringement of citizens’ personal information is a crime, and crimes committed by bank staff cannot be tolerated. Bank staff will be severely punished in accordance with the law. If the president requested the staff to provide it, they should be held accountable.

We are waiting for the development of the matter and the next move of the China Banking and Insurance Regulatory Commission. Protecting personal privacy should not be just a matter of words. The Crude Oil Treasure Time last month and now the "Liu Shui Gate" incident are all violations that occurred under government supervision and should be dealt with strictly in accordance with the law. After these two incidents, I think the bancassurance system will carry out a large-scale self-examination and self-inspection campaign in the near future. I hope it is not a gust of wind. After a while, I started to make the same mistakes again, and the scars healed and I forgot about the pain. I always believe that credit will become more and more valuable in the future and is likely to become the reference value of currency in the future. Credit is more valuable than gold.

I believe more in the long-term contract spirit. Companies that can do this are even more valuable.

For financial institutions, I choose ones with a long history, safety and stability.