Bank of Shanghai Fined $14.3 Million For Forex Violations

What’s new: Regulators fined Bank of Shanghai Co. Ltd. 98.5 million yuan ($14.3 million) for violations in foreign exchange transactions.

The commercial bank allowed unauthorized branch offices to conduct foreign exchange transactions illegally, the Shanghai office of China’s State Administration of Foreign Exchange (SAFE) said in a statement. The bank branches weren’t qualified to make foreign exchange transactions or had been ordered to cease operations, SAFE said.