Any financial institution who deviates from adequately guarding against money laundering will be slapped with a fine of 10 million Yuan according to China’s Central Bank. The People’s Bank of China website through a post on Friday revealed how China Minsheng Banking and China Ever right Bank were fined 23.6 million Yuan and 18.2 million Yuan respectively for non-compliance with AML regulations. The website also revealed Huatai Securities were fined 10.1 million Yuan for similar offence. Doling out penalties 41% more than 2017, about 190 million Yuan fines were issued in 2018.
