China Banking and Insurance Regulatory Commission investigated and punished 4 financial institutions in accordance with the law, fined nearly 300 million yuan
China News Service, Beijing, July 16 (Reporter Wang Enbo) The China Banking and Insurance Regulatory Commission announced on the 16th that four financial institutions including China Minsheng Bank Co., Ltd., Shanghai Pudong Development Bank Co., Ltd., Bank of Communications Co., Ltd., and the Export-Import Bank of China will be investigated and dealt with in accordance with the law. Institutions violated laws and regulations, and fines and confiscated nearly 300 million yuan (RMB, the same below).
It is understood that the China Banking and Insurance Regulatory Commission has carried out special on-site inspections on shadow banking and cross-financial services of Minsheng Bank, Shanghai Pudong Development Bank, and Bank of Communications, conducted on-site inspections on the effectiveness of risk management and internal control of the Export-Import Bank of China, and conducted on-site inspections of violations of laws and regulations found in the inspections. Severely impose administrative penalties.
The inspection found that Minsheng Bank, Shanghai Pudong Development Bank, and Bank of Communications had the following problems respectively or at the same time in the inter-bank, wealth management, entrusted loan and other businesses: incomplete internal control management, imperfect business systems, and inadequate rectification of some of the violations found in the preliminary inspection. Even repeated investigations have been committed; risk isolation is not in place, and improper transactions between wealth management products, and between wealth management products and proprietary business still occur from time to time; product management is not standardized, and the requirements of "penetrating management" are not fully implemented, and partial financial management Products are not accurately registered, reported, and disclosed information on underlying assets; capital investment is not in compliance with regulations, and the situation of illegally providing financing for the real estate market or local governments still exists.
The on-site inspection of the Export-Import Bank of China found the following problems: the bank invested in corporate equity in violation of regulations in 2008 and 2010, respectively, with a relatively large amount and a long duration; basic transactions of rent factoring business were untrue; violation of the state to reduce local debt The government’s policy requirements, disguised support for local governments to raise debts, etc.
Following statutory procedures such as case filing, trial review, prior notification, and review of defense opinions, the China Banking and Insurance Regulatory Commission imposed administrative penalties on relevant violations of laws and regulations in accordance with the law, fined Minsheng Bank 11.45 million, Shanghai Pudong Development Bank 69.2 million, and Bank of Communications. 41 million yuan, the Export-Import Bank of China confiscated illegal income and fined a total of 73.456 million yuan, and three responsible personnel of relevant agencies were given administrative penalties such as warnings and fines respectively.
The China Banking and Insurance Regulatory Commission stated that in response to the problems found in the on-site inspection, it has urged relevant agencies to make serious corrections.
In the next step, we will continue to vigorously rectify the high-risk shadow banking business, unswervingly promote the transformation of wealth management business, strengthen the supervision of equity investment, and urge bancassurance institutions to strengthen compliance construction to better serve the real economy.
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