(Yicai) Dec. 4 -- China's financial watchdog has imposed 22 fines costing more than CNY300 million (USD42 million) on state-owned and joint-stock banks, asset management companies, units of wealth management firms, and insurers for business violations.

Agricultural Bank of China, China Construction Bank, China Citic Bank, Minsheng Bank, and Bohai Bank were among the lenders fined, the National Administration of Financial Regulation said on Dec. 1. 

IB Wealth Management, Sun Life Everbright Asset Management, China Life Asset Management, People's Insurance Company Group of China, and Sunshine Property and Casualty Insurance, were also penalized, the NAFR noted.

Many of the fines were issued for violations before 2019, with most since resolved, Yicai learned.

Citic Bank received a fine of CNY225 million (USD31.5 million) for 56 violations of laws and regulations, including related party loan management, related party transaction disclosure, performance appraisal, and other business and management issues, the NAFR said.

The problems Citic Bank was penalized for were all from 2019 and previous years, the watchdog said. The Beijing-based lender has completed all rectifications following regulatory opinions and dealt with the people responsible, it added. 

Sun Deshun, former president of Citic Bank, was convicted of serious violations of discipline and law last month.

CCB's illegal gains were confiscated, and the bank was fined CNY37.9 million (USD5.3 million), according to the NAFR. The punishment involved 18 violations of laws and regulations, most about issues such as irregular consignment sales.

The illegal gains of ABC were also confiscated, and the lender was fined CNY27.1 million. It had 13 violations of laws and regulations, mainly in the credit field.

Bank of China was also warned and fined CNY36.6 million by the People's Bank of China on Dec. 1. Its penalty was related to 12 issues, including account management, liquidation management, merchant management, reserve management, and Chinese yuan anti-counterfeiting.

Editors: Shi Yi, Martin Kadiev