Feb 20, 2023 08:54 PM

FINANCE

Standard Chartered Among Five Banks Fined for Loan Violations

By Kelsey Cheng

pictureChinese regulators have been stepping up scrutiny of financial institutions, especially in areas of misconduct such as the illegal use of personal and business loans to invest in real estate.

pictureChinese regulators have been stepping up scrutiny of financial institutions, especially in areas of misconduct such as the illegal use of personal and business loans to invest in real estate.

China’s banking regulator handed out fines totaling 388 million yuan ($56.6 million) to five lenders including Standard Chartered Bank (China) Ltd. over a raft of violations related to loan issuance and compliance.

In a notice released by the China Banking and Insurance Regulatory Commission (CBIRC) on Friday, Standard Chartered Bank (China) was found to have engaged in a number of violations, including illegally issuing property loans, failing to detect the misuse of consumer loans, and charging arbitrarily for its services.

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