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.

Publication date Information on infringements and sanctions imposed Decision date Status
16/04/18

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.

26/05/17 Final decision
16/04/18

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.

26/05/17 Final decision
16/04/18

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.

26/05/17 Final decision
16/04/18

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.

26/05/17 Final decision
06/04/18

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.

24/10/17 Final decision
06/04/18

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.

24/10/17 Final decision
06/04/18

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.

24/10/17 Final decision