The People’s Bank of China has slapped China Minsheng Bank and Ping An Bank with hefty fines for infractions of payment and clearing rules uncovered by investigations last year.
The Chinese central bank said that investigations into the Xiamen branch of China Minsheng Bank and Ping An Bank undertaken during the period from July to September 2017 uncovered “illicit and illegal conduct in relation to clearing management, RMB bank settlement account management and non-financial institution payment services management.”
PBOC issued the Xiamen branch of China Minsheng Bank with a fine of 114.649752 million yuan, as well as confiscated illegal proceeds worth 48.418193 million yuan, for a total punitive sum of 163.057946 million yuan.
Ping An Bank saw 3.036 million yuan in illicit proceeds confiscated, as well as received a fine 10.308 million yuan, for a total punitive sum of 13.344146 million yuan.
