China’s top banking regulator handed out its first big tickets in 2021, fining several state-owned banks and financial institutions a total of nearly RMB 200 million ($31 million) for violations mostly in wealth management and small business loans, reported Caixin.

The fines show China’s determination to crack down on risky wealth management products (WMPs) even though authorities delayed the implementation of sweeping new WMP rules until the end of 2021, said Caixin.

Industrial and Commercial Bank of China (ICBC), one of the big four state-owned banks, was levied the biggest fine, RMB 54.7 million, for its investment of wealth management products in its own nonperforming assets and in rights to interest on other banks’ credit assets or nonstandard assets, and insufficient disclosure about its wealth management products, according to a statement posted Friday on the website of the China Banking and Insurance Regulatory Commission.