Hong Kong's bank is suffering from communist iron fists of Beijing with a consequence of more than 16 million penalty

 The first three fines issued by the Shanghai Branch of the People's Bank of China in the beginning of the year were aimed at the bank's illegal collection of credit information, as reported by The Paper or Pengpai News(澎湃新闻网)

January 10 , Bank of East Asia (China) Co., Ltd. for violation of credit information collection, provision, inquiries and related administration regulations, was fined 16.74 million Chinese Yuan, and ordered to make corrections.

This is also the first tens of millions of fines issued by the central bank system this year.

The Bank of East Asia, Ltd. was established in Hong Kong , China in 1918, and the Bank of East Asia (China) Co., Ltd. was established in 2007. It is one of the first wholly-owned subsidiary foreign legal person banks approved to be incorporated in the Mainland.

On the same day, the Shanghai Branch of Bank of Beijing Co., Ltd. was also fined RMB 2.55 million by the Shanghai Branch of the Central Bank for violating the regulations on the collection, provision, inquiry and related management of credit information, and was ordered to make corrections within a time limit.

The responsible person also received a fine at the same time.

Former branch president Qinzhou Bo in the Zhangjiang, Shanghai Branch of Bank of Beijing , was fined 100,000 yuan because of  responsibility violation of credit information collection, provision, conduct inquiries and related provisions of administration.