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A $129 million bill for Chinese actress Fan Bingbing for tax evasion has put banks looking to tap onshore wealth in the country on high alert.

A host of foreign banks including UBS are ramping up in mainland China, where wealth is expected to grow by more 12 percent annually in coming years. By 2021, the market will be worth some 221 trillion yuan ($32 trillion), according to a BCG study.

But as the world’s largest private banks like Citi and UBS rush to get a piece of the onshore market in China, the saga of Fan Bingbing’s tax evasion has given the booming industry pause for thought.

«The penalty is a message aimed at the entertainment industry, but financial institutions in China are watching developments of this case,» Deloitte consultant Natalie Yu told finews.asia. What does a movie star have to do with banking?

Why Worry?

«At this stage, regulators are going after the individuals, as opposed to the institutions such as banks, as they have a principal goal of setting an example at the individual level,» says Seb Dovey, a veteran wealth management adviser who recently sold the firm he co-founded, London-based consulting firm Scorpio Partnership, to Aon.

Fan Bingbing apologized for her transgressions and was docked a whopping $129 million in taxes and penalties. The crackdown against her is a signal to the entertainment and film industry – but it may be but a matter of time before that strategy shifts focus towards firms, Dovey notes.

The U.S. Scenario Looms Large