Banking Supervision

Sanctions imposed by the Banco de España

Under the provisions of Art. 115.7 of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, the Banco de España shall publish on its website the sanctions and reprimands imposed in relation to serious and very serious infringements within 15 working days from the date on which such sanctions and reprimands have become final pursuant to administrative proceedings. Where appropriate, and if it is so resolved, the identity of the person subject to the sanction or reprimand may remain confidential.

In compliance with this obligation, the following table includes a reference to the aforementioned sanctions and reprimands imposed by the Banco de España since the entry into force of Law 10/2014, referring to the appeals for judicial review, if any, lodged against the sanctioning resolution, and the outcome thereof.

Decision date Information on infringements and sanctions imposed Status
27-11-17

At its meeting on 27 November 2017, the Governing Council of the Banco de España resolved to impose on BEP Corporación Financiera, S.L.U. a fine of three hundred and eighty thousand euro (€380,000) for engaging, without authorisation, in 2014 and 2015, in activities legally restricted to payment institutions, which constitutes a very serious infringement (Article 4(4) of Law 16/2009 of 13 November 2009 on payment services, in conjunction with Article 92(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions).

Final decision
27-11-17

At its meeting on 27 November 2017, the Governing Council of the Banco de España resolved to impose on BEP Corporación Financiera, S.L.U. a fine of three hundred and seventy-five thousand euro (€375,000) for using, without authorisation, in 2014 and 2015, names that may only be used by credit institutions or other names that may lead to their being mistaken for them, which constitutes a very serious infringement (Article 92(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions).

Final decision
27-11-17

At its meeting on 27 November 2017, the Governing Council of the Banco de España resolved to impose on Ms María Nieves Artiles Pérez, sole director of BEP Corporación Financiera, S.L.U., a fine of forty thousand euro (€40,000) for engaging, without authorisation, in 2014 and 2015, in activities legally restricted to payment institutions, which constitutes a very serious infringement (Article 4(4) of Law 16/2009 of 13 November 2009 on payment services, in conjunction with Article 92(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions).

Final decision
27-11-17

At its meeting on 27 November 2017, the Governing Council of the Banco de España resolved to impose on Ms María Nieves Artiles Pérez, sole director of BEP Corporación Financiera, S.L.U., a fine of twenty-five thousand euro (€25,000) for using, without authorisation, in 2014 and 2015, names that may only be used by credit institutions or other names that may lead to their being  mistaken for them, which constitutes a very serious infringement (Article 92(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions).

Final administrative decision. Currently under appeal before the courts with precautionary suspension of sanction
27-11-17

Fine of four hundred and fifty thousand euro (€450.000) imposed on ING BANK, N.V., Branch in Spain, pursuant to Article 9(a) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions, after the application of the reductions established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure, for the commission of a very serious infringement of the type described in Article 4(j) of said Law 26/1988.

Final decision
27-11-17

Fine of fifteen thousand euro (€15,000) imposed on a director or executive in a credit institution, pursuant to Article 12(a) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions, this being the substantive sanctioning legislation applicable in view of the time when the acts were committed, for the commission of a very serious infringement of the type described in Article 4(j) of said Law 26/1988.

Final decision
27-11-17

Fine of twenty-five thousand euro (€25,000) imposed on a director or executive in a credit institution, pursuant to Article 12(a) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions, this being the substantive sanctioning legislation applicable in view of the time when the acts were committed, for the commission of a very serious infringement of the type described in Article 4(j) of said Law 26/1988.

Final decision
24-10-17

Fine imposed on BANCO SANTANDER, S.A., amounting to four hundred and eighty-five thousand euro (€485,000), pursuant to Article 98(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement as defined in Article 15 of Royal Decree-Law 6/2012 of 9 March 2012 on urgent measures to protect mortgagors experiencing financial hardship, having failed to fulfil its obligations under Article 5(4) of said Royal Decree-Law 6/2012, relating to the due implementation of the Code of Good Practice.

Final administrative decision. Currently under appeal before the courts
24-10-17

Fine of €184,000 imposed on Banco Cetelem, S.A., pursuant to Article 10(a) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions, the substantive sanctioning legislation applicable in view of the time when the acts were committed (after application of the reduction for voluntary payment established in Article 85(2) and (3) of Law 39/2015 of 1 October 2015 on the general government common administrative procedure), for the commission of a serious infringement of the type described in Article 34(2) of Law 16/2011 of 24 June 2011 on consumer credit agreements.

Final decision
24-10-17

Fine of €80,000 imposed on Banco Cetelem, S.A., pursuant to Article 10(a) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions, the substantive sanctioning legislation applicable in view of the time when the acts were committed (after application of the reduction for voluntary payment established in Article 85(2) and (3), of Law 39/2015 of 1 October 2015 on the general government common administrative procedure), for the commission of a serious infringement of the type described in Article 51(3) of Law 16/2009 of 13 November, on payment services.

Final decision
24-10-17

Fine of €320,000 imposed on Banco Cetelem, S.A., pursuant to Article 10(a) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions, the substantive sanctioning legislation applicable in view of the time when the acts were committed (after application of the reduction for voluntary payment established in Article 85(2) and (3) of Law 39/2015 of 1 October 2015 on the general government common administrative procedure), for the commission of a serious infringement of the type described in Article 5(e) of Law 26/1988.

Final decision
29-09-17

Penalty imposed on Ms Claudia María Hernández Bona of disqualification for a period of 2 years from serving as a director or manager in any payment institution or financial sector entity, and removal from the directorship held, pursuant to Article 100(1)(d) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type described in Article 92(o) of said Law 10/2014, consisting in the existence of shortcomings in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures that jeopardise the solvency or viability of the institution.

Final decision
29-09-17

Fine imposed on Ms Claudia María Hernández Bona amounting to ten thousand euro (€10,000), pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement of the type described in Article 92(o) of said Law 10/2014 consisting in the existence of shortcomings in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures that jeopardise the solvency or viability of the institution.

Final decision
29-09-17

Penalty imposed on Ms Claudia María Hernández Bona of disqualification for a period of 1 year from serving as a director or manager in any payment institution or financial sector entity, and removal from the directorship held, provided for in Article 100(1)(d) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type described in Article 51(3) of Law 16/2009 of 13 November 2009 on payment services, consisting in failure to comply with regulatory and disciplinary rules applicable to payment institutions, in particular, those relating to the safeguarding of customer funds delivered for transfer to payees.

Final decision
29-09-17

Fine of three million euro (€3,000,000) imposed on Pay-One 911 EP, S.A. pursuant to Article 98(1)(b) of Law 10/2014 of 26 June on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement of the type described in Article 51(3) of Law 16/2009 of 13 November 2009 on payment services, consisting in non-compliance with regulatory and disciplinary rules applicable to payment institutions, in particular, those relating to the safeguarding of client funds delivered for transfer to payees.

Final decision
29-09-17

Penalty of withdrawal of authorisation imposed on PAY-ONE 911 EP, S.A. pursuant to Article 97(1)(b) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement of the type described in Article 92(o) of said Law 10/2014 relating to shortcomings in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, when such shortcomings jeopardise the solvency or viability of the institution.

Final decision
29-09-17

Penalty of withdrawal of authorisation imposed on PAY-ONE 911 EP, S.A. pursuant to Article 97(1)(b) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement of the type described in Article 92(g) of said Law 10/2014 relating to keeping accounts with essential irregularities that prevent the net worth or financial position of the institution from being known. 

Final decision
29-09-17

Penalty of disqualification imposed on Mr AQUILES HERNÁNDEZ BONA, for a term of 8 years, from serving as a director or manager in any payment or financial institution, and removal from the directorship held, pursuant to Article 100(1)(d) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement of the type described in Article 92(o) of said Law 10/2014 relating to shortcomings in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, when such shortcomings jeopardise the solvency or viability of the institution.

Final decision
29-09-17

Penalty of disqualification imposed on Mr AQUILES HERNÁNDEZ BONA for a term of 3 years, from serving as a director or manager in any payment or financial institution, and removal from the directorship held, pursuant to Article 100(1)(d) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement of the type described in Article 51(3) of Law 16/2009 of 13 November 2009 on payment services, consisting in non-compliance with regulatory and disciplinary rules applicable to payment institutions, in particular, those relating to the safeguarding of client funds delivered for transfer to payees.

Final decision
29-09-17

Fine of fifty thousand euro (€50,000) imposed on Mr AQUILES HERNÁNDEZ BONA pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement of the type described in Article 51(3) of Law 16/2009 of 13 November 2009 on payment services, consisting in non-compliance with regulatory and disciplinary rules applicable to payment institutions, in particular, those relating to the safeguarding of client funds delivered for transfer to payees.

Final decision
29-09-17

Fine of one hundred thousand euro (€100,000) imposed on Mr AQUILES HERNÁNDEZ BONA pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement of the type described in Article 92(o) of said Law 10/2014 relating to shortcomings in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, when such shortcomings jeopardise the solvency or viability of the institution.

Final decision
29-09-17

Penalty of disqualification imposed on Mr AQUILES HERNÁNDEZ BONA for a term of 8 years, from serving as a director or manager in any payment or financial institution, and removal from the directorship held, pursuant to Article 100(1)(d) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement of the type described in Article 92(g) of said Law 10/2014 relating to keeping accounts with essential irregularities that prevent the net worth or financial position of the institution from being known. 

Final decision
29-09-17

Fine of one hundred thousand euro (€100,000) imposed on Mr AQUILES HERNÁNDEZ BONA pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement of the type described in Article 92(g) of said Law 10/2014 relating to keeping accounts with essential irregularities that prevent the net worth or financial position of the institution from being known. 

Final decision
29-09-17

Fine imposed on FINANCIERA CARRIÓN S.A., E.F.C., totalling 60,000, provided for in Article 10(a) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions, after application of the reductions established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure, for the commission of a serious infringement of the type described in Article 34(2) of Law 16/2011 of 24 June 2011 on consumer credit agreements, the infringement of Articles 10 and 16 of said Law between 2013 and 2015 having been established

Final decision
29-09-17

Fine imposed on FINANCIERA CARRIÓN S.A., E.F.C., totalling 102,000, provided for in Article 10(a) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions, after application of the reductions established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure, for the commission, between 1 January 2013 and 30 June 2015, of a serious infringement of the type described in Article 5(e) of said Law 26/1988, consisting in “the execution of actions or operations in breach of the rules issued under Article 28(2) of this Law or under Article 29(2) of the Sustainable Economy Law”.

Final decision
29-09-17

Fine imposed on FINANCIERA CARRIÓN S.A., E.F.C., totalling 210,000, provided for in Article 9(a) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions, after application of the reductions established in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure, for the commission, between 9 December 2007 and 31 March 2015, of a very serious infringement of the type described in Article 4(e) of said Law 26/1988, consisting in “the performance of actions or operations prohibited by regulatory or disciplinary rules, or without compliance with the requirements laid down therein, not merely on an occasional or isolated basis”. 

Final decision
29-09-17

Fine imposed on Ms Ivette Patricia Hernández Bona, amounting to ten thousand euro (€10,000), pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement of the type described in Article 92(o) of said Law 10/2014 consisting in the existence of shortcomings in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures that jeopardise the solvency or viability of the institution.

Final decision
29-09-17

Penalty imposed on Ms Ivette Patricia Hernández Bona of disqualification for a period of 6 months from serving as a director or manager in any payment institution or financial sector entity, and removal from the directorship held, provided for in Article 100(1)(d) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement, of the type described in Article 51(3) of Law 16/2009 of 13 November 2009 on payment services, consisting in failure to comply with regulatory and disciplinary rules applicable to payment institutions, in particular, those relating to the safeguarding of customer funds delivered for transfer to payees.

Final decision
29-09-17

Penalty imposed on Ms Ivette Patricia Hernández Bona of disqualification for a period of 1 year and 6 months from serving as a director or manager in any payment institution or financial sector entity, and removal from the directorship held, pursuant to Article 100(1)(d) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a very serious infringement, of the type described in Article 92(o) of said Law 10/2014, consisting in the existence of shortcomings in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures that jeopardise the solvency or viability of the institution.

Final decision
28-07-17

Fine totalling 1,920, provided for in Article 98.1.a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions (having applied the reduction for voluntary payment, legally established in Article 85, paragraphs 2 and 3, of Law 39/2015 of 1 October 2015 on the general government common administrative procedure), imposed on a credit institution for the commission, in respect of a specific customer, of a serious infringement involving the breach of Article 3.bis.I) of Law 2/1981 of 25 March 1981 on regulation of the mortgage market, such breach being occasional or isolated in nature.

Final decision
30-06-17

Fine of four million euro (€4,000,000) imposed on BANKIA, S.A. pursuant to Article 10(a) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions for the commission, between July 2013 and December 2014, of a serious infringement, as defined in Article 15 of Royal Decree-Law 6/2012 of 9 March 2012 on urgent measures to protect mortgagors experiencing financial hardship, having failed to fulfil its obligations under Article 5(4) of said Royal Decree-Law 6/2012, relating to the due implementation of the Code of Good Practice annexed to this Royal Decree-Law.

Final decision
30-06-17

Fine of four million euro (€4,000,000) imposed on BANKIA, S.A. pursuant to Article 10(a) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions for the commission, between July 2013 and December 2014, of a serious infringement, as defined in Article 15 of Royal Decree-Law 6/2012 of 9 March 2012 on urgent measures to protect mortgagors experiencing financial hardship, having failed to fulfil its obligations under Article 5(9) of said Royal Decree-Law 6/2012, relating to the duty to publicise and inform its customers about the Code of Good Practice annexed to this Royal Decree-Law.

Final decision
30-06-17

Fine of one million euro (€1,000,000) imposed on a credit institution pursuant to Article 10(a) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions for the commission of a serious infringement, as defined in Article 15 of Royal Decree-Law 6/2012 of 9 March 2012 on urgent measures to protect mortgagors experiencing financial hardship, having failed to fulfil its obligations under Article 6(5) of said Royal Decree-Law 6/2012, involving the obligation to periodically submit information to the Banco de España, relating to the implementation of the Code of Good Practice annexed to this Royal Decree-Law.

Final decision
26-05-17

Fine of seventy thousand euro (€70,000) imposed on Mr. FABRIZIO SIGNORELLI, sole administrator of Best and Fast Change España, S.A., pursuant to Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement of the type described in Article 7(3)(II)(b) of Royal Decree 2660/1998 of 14 December 1998 on foreign currency exchange in establishments open to the public other than credit institutions, in connection with Article 93(e) of Law 10/2014, consisting of “the performance of actions or operations prohibited by the regulations governing currency-exchange bureaux or in breach of the requirements laid down therein, not merely on an occasional or isolated basis”, all the foregoing for failing to provide sufficient information to its customers, in particular relating to commission charges.

Final decision. Currently under appeal before the Constitutional Court, a stay of execution having been applied for
26-05-17

Penalty of disqualification imposed on Mr. FABRIZIO SIGNORELLI, sole administrator of Best and Fast Change España, S.A., from serving as a director or manager in any payment or financial institution, and removal from the office of sole administrator, for a term of two years, pursuant to Article 100(1)(d) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement of the type described in Article 7(3)(II)(b) of Royal Decree 2660/1998 of 14 December 1998, on foreign currency exchange in establishments open to the public other than credit institutions, in connection with Article 93(e) of Law 10/2014, consisting of “the performance of actions or operations prohibited by the regulations governing currency-exchange bureaux, or in breach of the requirements laid down therein, not merely on an occasional or isolated basis”, all the foregoing for failing to provide sufficient information to its customers, in particular relating to commission charges.

Final decision. Currently under appeal before the Constitutional Court
26-05-17

Fine of forty thousand euro (€40,000) imposed on Ms. ALEJANDRA FERRAGUT ASTOL, general director of Best and Fast Change España, S.A., provided for in Article 100(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement of the type described in Article 7(3)(II)(b) of Royal Decree 2660/1998 of 14 December 1998 on foreign currency exchange in establishments open to the public other than credit institutions, in connection with Article 93(e) of Law 10/2014, consisting of “the performance of actions or operations prohibited by the regulations governing currency-exchange bureaux or in breach of the requirements laid down therein, not merely on an occasional or isolated basis”, all the foregoing for failing to provide sufficient information to its customers, in particular relating to commission charges.

Final decision. Currently under appeal before the Constitutional Court, a stay of execution having been applied for
26-05-17

Penalty of disqualification imposed on Ms. ALEJANDRA FERRAGUT ASTOL, general director of Best and Fast Change España, S.A., from serving as a director or manager in any payment or financial institution, and removal from the directorship held, for a term of one year, pursuant to Article 100(1)(d) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement of the type described in Article 7(3)(II)(b) of Royal Decree 2660/1998 of 14 December 1998, on foreign currency exchange in establishments open to the public other than credit institutions, in connection with Article 93(e) of Law 10/2014, consisting of “the performance of actions or operations prohibited by the regulations governing currency-exchange bureaux, or in breach of the requirements laid down therein, not merely on an occasional or isolated basis”, all the foregoing for failing to provide sufficient information to its customers, in particular relating to commission charges.

Final decision. Currently under appeal before the Constitutional Court
26-05-17

Fine of one and a half million euro (€1,500,000) imposed on BEST AND FAST CHANGE ESPAÑA, S.A., pursuant to Article 98(1)(a) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, for the commission of a serious infringement of the type described in Article 7(3)(II)(b) of Royal Decree 2660/1998 of 14 December 1998 on foreign currency exchange in establishments open to the public other than credit institutions, in connection with Article 93(e) of Law 10/2014, consisting in “the performance of actions or operations prohibited by the regulations governing currency-exchange bureaux, or in breach of the requirements laid down therein, not merely on an occasional or isolated basis”, all the foregoing for failing to provide sufficient information to its customers, in particular relating to commission charges.

Final decision. Currently under appeal before the Constitutional Court, a stay of execution having been applied for
26-05-17

Accessory measure consisting in a public reprimand, with publication in the Official State Gazette, pursuant to Article 98(2)(b) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, of the fine imposed on BEST AND FAST CHANGE ESPAÑA, S.A. of one and a half million euro (€1,500,000), envisaged in Article 98(1)(a) of Law 10/2014 for the commission of a serious infringement of the type described in Article 7(3)(II)(b) of Royal Decree 2660/1998 of 14 December 1998 on foreign currency exchange in establishments open to the public other than credit institutions, in connection with Article 93(e) of Law 10/2014, consisting in “the performance of actions or operations prohibited by the regulations governing currency-exchange bureaux, or in breach of the requirements laid down therein, not merely on an occasional or isolated basis”, all the foregoing for failing to provide sufficient information to its customers, in particular relating to commission charges.

Final decision. Currently under appeal before the Constitutional Court
09-05-17

Fine totalling €70,000, provided for in Article 10. a) of Law 26/1988, of 29 July 1988, on the discipline and intervention of credit institutions (substantive rule on sanction proceedings, applicable in view of the time of the commission of the infringement), imposed on a credit institution for the commission of a serious infringement, as defined in Article 15 of Royal Decree-Law 6/2012, of 6 March 2012, on urgent measures to protect mortgage borrowers without resources, involving the breach of the obligation to provide information established in Article 5.9 of said Royal Decree-Law, the infringing conduct being limited to a single case with limited economic impact.

Final decision