The State Administration of Financial Supervision and Administration announced on the 1st that it had fined a number of financial institutions, involving large state-owned banks, joint-stock banks, insurance companies, etc.
China CITIC Bank Co., Ltd. was involved in 56 major violations of laws and regulations, including "violation of relevant regulations on the management of access to senior executives", "non-compliance in the management of related party loans", and "insufficient disclosure of information on major related party transactions". The State Administration of Financial Supervision fined the head office of China CITIC Bank 15,242590,000 yuan, confiscation of illegal gains 462590,000 yuan, and a fine of 67.7 million yuan was imposed on the branch;The total amount of fines and confiscations is 22,475180,000 yuan.
China Construction Bank Co., Ltd. was confiscated of illegal gains and fined a total of 3,791 for 18 major violations of laws and regulations, including "illegal sales of investment-linked insurance products through savings counters" and "sales of ** products by unqualified personnel".879382 million yuan. Among them, the head office is 2041879382 million yuan, and 17.5 million yuan for branches.
Agricultural Bank of China Co., Ltd. was confiscated and fined a total of 2,710 for 13 major violations of laws and regulations, such as "working capital loans were used for fixed asset investment" and "loan entrusted payment problems were not rectified in place".97.38 million yuan. Among them, the head office is 57097.38 million yuan, and 21.4 million yuan for branches.
IB Wealth Management Co., Ltd. was fined 12.4 million yuan for problems such as "transfer of benefits between wealth management products" and "insufficient pressure drop of interbank wealth management products". Hezhong Asset Management Co., Ltd. was fined 4.3 million yuan for "failing to adhere to independent operation in the use of insurance funds, and shareholders interfering in the use of insurance funds". Chinese Asset Management was fined 2.4 million yuan for "supporting agriculture and supporting small financing ** sales of insurance products" and "non-standard post-investment management of equity investment plans". Lujiazui Cathay Life Insurance Co., Ltd. was fined 2.11 million yuan for "providing false insurance intermediary business reports, statements, documents, materials" and other issues.
In addition, China Post Life Insurance Shares***Everbright Sun Life Asset Management Shares***Sunshine Property Insurance Shares***China Life Investment Insurance Asset Management***Chinese People's Health Insurance Shares*** are also among the penalized institutions.
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*: Xinhua News Agency Editor: Zhang Xian.
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