Due to the failure to effectively penetrate and identify the underlying assets, the wealth management subsidiaries of the five banks were fined a total of 29 million yuan, and China Merchants Bank was also fined 3.5 million yuan for violations of the wealth management business.
The State Administration of Financial Supervision issued a long list of fines, involving five banks' wealth management subsidiaries, with a total fine of 29 million yuan, and China Merchants Bank was also fined 3.5 million yuan for irregularities in its wealth management business.
Ping An Wealth Management was fined 6.5 million yuan, and it was found that Ping An Wealth Management had the following violations of laws and regulations:
1. Failure to effectively penetrate and identify the underlying assets
2. Information disclosure is not standardized
3. The maturity date of non-standard underlying assets is later than the maturity date of closed-end wealth management products
CNCBI Wealth Management was fined RMB7.5 million, and CNCBI Wealth Management was found to have committed the following violations of laws and regulations:
1. Non-standard information disclosure
2. The post-investment management of wealth management is not in place
3. A single public wealth management product holds more than 10% of the net assets of a single bond
4. Financial assets invested in relevant wealth management products that are not measured at fair value
BOC Wealth Management was fined 2.5 million yuan, and it was found that BOC Wealth Management had the following violations of laws and regulations:
1. Failure to effectively penetrate and identify the underlying assets
2. The maturity date of the non-standard underlying assets is later than the maturity date of the closed-end wealth management products
CCB Wealth Management was fined 4 million yuan, and it was found that CCB Wealth Management had the following violations of laws and regulations:
1. Failure to effectively penetrate and identify the underlying assets
2. Information disclosure is not standardized
CMB Wealth Management was fined RMB8.5 million, and CMB Wealth Management was found to have committed the following violations of laws and regulations:
1. Failure to effectively penetrate and identify the underlying assets
2. Information disclosure is not standardized
China Merchants Bank was also fined 3.5 million yuan for violating the rules in its wealth management business.