China's top banking regulator fines 5 banks over irregularities

BEIJING -- Five financial institutions were fined a total of 387.9 million yuan (about $56.5 million) for irregularities in their businesses, China's top banking regulator said on Friday.

Bank of China, China Minsheng Bank and China Bohai Bank were fined over irregularities including the misappropriation of loan funds and false statistics, the China Banking and Insurance Regulatory Commission said in a statement.

The commission confiscated illegal gains from China Construction Bank and Standard Chartered Bank (China) Ltd., and fined the two lenders for irregularities such as serious violations of prudent loan management operation rules and non-compliance with wealth management business operations.

Next, the commission will enforce strict administrative penalties in accordance with the law, tighten market discipline, safeguard the legitimate rights and interests of financial consumers, and urge banks and insurance institutions to operate in compliance with laws and regulations to defuse financial risks, it said.