China Citic Bank and Xinyin Wealth Management Fined Combined 7.7 Million Yuan for Interbank Investment and Wealth Management Product Irregularities
Deep News
Sep 12
On September 12, according to financial regulatory disclosures, the National Financial Regulatory Administration's administrative penalty information public list shows that China Citic Bank Corporation Limited has been fined 5.5 million yuan for inaccurate risk classification of wealth management return-to-balance-sheet assets and inadequate post-investment management of interbank investments.
Xinyin Wealth Management Co., Ltd. has been fined 2.2 million yuan for non-compliant wealth management product naming and investment ratios that do not meet regulatory requirements.
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