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China's bank regulator is urging the country's commercial banks to enhance their internal auditing system to prevent potential losses.
Chairman of China's Banking Regulatory Commission, Liu Mingkang told reporters that the commercial banks are faced with risks from the market, creditability and operations.
He said banks have to deliver ethical career training to their staff, strengthen their checking systems, and set up responsibility mechanisms to avoid risks.
Liu added that his commission has proposed 13 ways of avoiding operational risks to the commercial banks, and will closely monitor the implementation.
The top scandal last year in China's banking industry involved the Bank of China, of which the chief of its Heisonghe branch, in north-east China's Helongjiang province, fled with nearly 100 million US dollars.
(CRI.com March 7, 2005)
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