The People's Bank of China has fined China Life Insurance Co. Ltd. 700,000 yuan for failing to submit large-value transaction and suspicious transaction reports from July 1, 2015, to June 30, 2016.

The insurer was also penalized for failing to preserve client identity information and transaction records.

China Life said it has improved its anti-money laundering system, established a new anti-money laundering mechanism and refined its work processes.

The company said the fine made no material impact on its business operation and financial position.

As of July 30, US$1 was equivalent to 6.81 Chinese yuan.