The People's Bank of China has issued a penalty against Sunshine Life Insurance Co., Ltd. following an administrative sanction disclosure on September 11, according to the central bank's penalty information bulletin.

The insurer was reprimanded and fined 3.144 million yuan for multiple compliance breaches, including failing to conduct money laundering risk assessments or establish corresponding risk management systems as required, neglecting to perform customer due diligence according to regulations, and omitting to report suspicious transactions. Additionally, the company was cited for providing services to and engaging in transactions with clients whose identities were unclear.

In a related action, a certain Liang Mouquan, affiliated with the Consumer Rights Protection Department of the company's Zhuhai Central Sub-branch, was held accountable for the violation involving services and transactions with unidentified customers. Liang was fined 7,600 yuan for his responsibility in these unlawful activities.