Shin Kong & HNA Life Insurance Co. Ltd. was fined 250,000 Chinese yuan by the People's Bank of China's Xi'an branch for violating money-laundering laws, the regulator said Dec. 25.

The regulator said the life insurer's Xi'an branch did not perform know-your-customer due diligence and blacklist monitoring.

Beijing-headquartered Shin Kong & HNA Life is a joint venture between Taiwan's Shin Kong Life Insurance Co. Ltd. and China's HNA Group.

As of Dec. 26, US$1 was equivalent to 6.54 Chinese yuan.