SAFE said Tuesday it would crack down on fraudulent export transactions that disguise the movement of speculative funds after finding "some problems" in commercial banks' foreign exchange dealings.
HSBC confirmed it was inspected by SAFE in March and April this year.
"A number of issues were identified, principally relating to the compatibility of HSBC's systems with the required regulatory reporting processes," the global banking giant said in a statement.
"HSBC has been engaged in constructive discussions with SAFE since the inspections in order to take the necessary steps to meet SAFE reporting requirements," it said.
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Standard Chartered said it too had taken "appropriate actions" according to the findings of a SAFE audit.
"We consistently seek to act in compliance with the laws and regulations of the