China Banking and Insurance Regulatory Commission issued 30 fines and 5 institutions fined 320 million yuan

  Financial Express

  Guangzhou Daily (all-media reporter Lin Xiaoli) On September 4, the China Banking and Insurance Regulatory Commission issued 30 regulatory fines in a row, involving 5 financial institutions, including Minsheng Bank, Zheshang Bank, Guangfa Bank, Huaxia Bank and Huarong Company. 320 million yuan.

  Among them, Minsheng Bank violated regulations to provide financing for real estate companies to pay land transfer fees, financing for real estate projects with incomplete "four certificates" and other violations, which were fined by the China Banking Regulatory Commission for a total of 107.8294 million yuan.

  Zheshang Bank was fined 101.2 million yuan for a number of violations of laws and regulations, including the false release of the bank’s assets by selling wealth management products, and the acceptance of inter-bank investment by financial institutions to repurchase commitments.

  China Guangfa Bank issued wealth management products to unqualified individual investors to invest in equity assets and issued credit loans to related parties for a number of violations of laws and regulations. A total of 92,830,600 yuan was fined and confiscated.

  Hua Xia Bank was fined 1.1 million yuan for a number of violations of laws and regulations, including inadequate implementation of the internal control system, major hidden risks in the production system and more serious consequences.

  The China Banking and Insurance Regulatory Commission fined the company 20.4 million yuan in accordance with the law for a number of violations of laws and regulations, including the acquisition of personal loans in violation of regulations and the acquisition of non-performing assets of financial institutions.

  In addition to financial institutions, the China Banking and Insurance Regulatory Commission also made administrative punishment decisions on relevant responsible persons in accordance with the law, involving several then branch presidents and chief information officers.

It is worth noting that a responsible person of Hua Xia Bank who has been sentenced to a penalty was given an administrative penalty of life-long ban.