Bank branch chiefs will have to resign if major criminal cases occur on their watch, state media reported. New measures also call on banks to set up accountability systems that allow executives and auditors to take responsibility for problems. At the same time, top branch managers whose operations face frequent irregularities will not be allowed to take similar jobs at other branches. The China Banking Regulatory Commission announced 11 new such measures to fight corruption and frauds in banks, cooperative credit unions, trust firms and asset management companies. A week ago, the National Audit Office of China exposed 51 criminal cases at the Agricultural Bank of China.
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