Financial watchdog fines China CITIC Bank over $31m

The National Financial Regulatory Administration has fined China CITIC Bank, a joint-stock commercial lender, more than 224.75 million yuan ($31.46 million), according to the financial watchdog on Friday.

The bank was fined for violating 56 laws and regulations, including inaccurate disclosure of asset securitization information, undertaking defaulted assets by wealth management products, and compliance failures regarding regulatory requirements on risk isolation of wealth management business. 

The bank’s headquarters was fined about 152.43 million yuan and 4.63 million yuan confiscated, while its branch institutions were fined 67.70 million yuan, administrative punishment information disclosed on the administration’s website showed.

The bank said all the misdoings happened in or before 2019, and it has fully addressed and rectified its mistakes in accordance with regulatory requirements.

The bank also said it has been stepping up efforts to better serve the real economy and strengthen compliance and internal risk control, with remarkable progresses made since then.

Apart from China CITIC Bank, Agricultural Bank of China was fined and around 27.11 million yuan confiscated for 13 violations of laws and regulations, while Bank of China was fined and 37.01 million yuan confiscated for 12 violations.

liuzhihua@chinadaily.com.cn