BEIJING — Chinese regulator has handed out hefty fines to individuals and companies in the securities sector for illegal practices last year as the country stepped up efforts to contain financial risks.

In 2019, the China Securities Regulatory Commission confiscated and fined a total of 130 million yuan (about $18.94 million) on wrongdoings in the sector, Securities Daily reported.

The data marked an 80-percent jump from the volume seen in 2018.

The malpractices include illegal trading of stocks and irregularities in anti-money laundering, according to the report.

The harsh crackdown on illegal practices came as China's rapidly expanding financial industry has been placed under greater regulatory scrutiny in recent years to curb financial risks.