The regulator noted that it had seized over 1 million yuan of ill-gotten gains. The branch is also accused of having hidden risks, used loans for hidden courses instead of benefiting small and medium-sized enterprises. The regulator further punished individuals at the center of the breaches. The fined officials were linked to violations under real estate loans and bills. Notably, the China Construction Bank is the second largest in the country in terms of assets.
CCB’s past violations
Back in August, the regulator also issued other bank fines to the CBC and the Agricultural Bank of China with administrative penalties. According to the regulator, it had uncovered multiple forms of illegal conduct, including the issuance of credit loans and discounted funds that directly flowed back to drawers of bank acceptance drafts. Additionally, the Federal Reserve has once called on the China Construction Bank Corp to do more to fight money laundering for its U.S branches. Early this year, the Chinese regulators initiated large fines on the banking sector over a host of violations. This fine will also be included in our Bank Fines Report 2020.
