Central Bank Fines Three Financial Institutions $19.5 Million

China’s central bank handed out fines totaling 134 million yuan ($19.5 million) to three financial institutions citing violations in their payment and clearing businesses as regulators step up scrutiny of financial misconduct.

China Merchants Bank, the largest joint stock bank in the country, was slapped with 34.2 million yuan of fines in addition to confiscation of 56,900 yuan of illegal gains. The punishment was for 13 violations including breaching anti-money laundering and consumer protection rules as well as failures to comply with payment and clearing industry rules.