Controversies

Fined 34.925 million yuan by central bank over account, anti-money laundering and financial management violations

In July 2023, the central bank published an administrative penalty against Ping An Bank covering 10 categories of violations, imposing a fine of 34.925 million yuan and confiscating related illegal gains. Caixin reported that the penalty involved issues including financial business management. This entry concerns a published administrative penalty and does not constitute a finding that all of the bank's business or customer transactions were unlawful. In July 2023, the central bank announced an administrative penalty against Ping An Bank involving 10 types of illegal acts, imposing a fine of 34.925 million yuan and confiscating relevant illegal gains. Caixin reported that the penalty involved issues such as financial business management. This item is a published administrative penalty and does not constitute a determination that all banking business or customer transactions were illegal.

Homeowners protest at Ping An Bank branch over alleged misuse of escrow funds

Public backlash

Hundreds of homeowners protested outside Ping An Bank’s Ningbo branch, alleging that the bank had misappropriated funds held in a property-purchase escrow account. The article reports the allegation but does not establish an independent determination of it.