The People's Bank of China has issued significant fines to China Construction Bank and Shanghai Pudong Development Bank, with combined penalties exceeding 80 million yuan.

On February 14, China Construction Bank (CCB) received a penalty notice from the central bank totaling over 43.5 million yuan. According to the administrative punishment disclosure published on the PBOC's official website, CCB was warned and faced confiscation of illegal gains amounting to 550,975.67 yuan, plus a fine of 42.9551 million yuan.

The penalty was imposed for ten types of violations, which included: 1. Breaches of account management regulations 2. Violations of special merchant management rules 3. Non-compliance with RMB circulation management requirements 4. Failures in counterfeit currency business management 5. Misappropriation of fiscal deposits or funds 6. Irregularities in credit information collection, provision, inquiry and related management 7. Failure to perform customer identification obligations as required 8. Inadequate preservation of customer identity documents and transaction records 9. Failure to report large-value or suspicious transactions according to regulations 10. Conducting transactions with unidentified clients

Additionally, 21 individuals held responsible for CCB's violations received penalties from the central bank.

Separately, Shanghai Pudong Development Bank was penalized with fines exceeding 42.5 million yuan. The bank received a warning and had illegal gains of 275,456.08 yuan confiscated, along with a fine of 42.2289 million yuan.

The bank's ten violation categories mirrored those of CCB, covering similar infractions across account management, clearing regulations, bank card acceptance business, anti-counterfeiting operations, fiscal fund management, credit information handling, customer identification, record keeping, transaction reporting, and dealings with unidentified clients.

Furthermore, nine responsible persons at Shanghai Pudong Development Bank were collectively fined 755,000 yuan.