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
27/02/19

Fine of twenty-four thousand euro (€24,000) imposed on Mr. Luis Alberto Gasparini, sole director of Euro Trading & Financial, S.A., (after application of a reduction of 40% provided for in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure) 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 defined in Article 7(3)(I)(b) of Royal Decree 2660/1998 of 14 December 1998 on the changing of foreign currency in establishments open to the public other than credit institutions, in conjunction with Article 92(g) of said Law 10/2014 and with Article 178(Three) of Law 13/1996 of 30 December 1996 on fiscal, administrative and social measures.

This infringement consisted of essential irregularities in the accounts of the Entity that prevent its financial position from being known.

27/02/19 Final decision
27/02/19

Fine of four thousand eight hundred euro (€4,800) imposed on Mr. Luis Alberto Gasparini, sole director of Euro Trading & Financial, S.A., (after application of a reduction of 40% provided for in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure) pursuant to Article 101(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 defined in Article 7(3)(II)(a) of Royal Decree 2660/1998 of 14 December 1998 on the changing of foreign currency in establishments open to the public other than credit institutions, in conjunction with Article 93(d) of said Law 10/2014 and with Article 178(Three) of Law 13/1996 of 30 December 1996 on fiscal, administrative and social measures.

This infringement consisted of the performance of transactions for the sale of foreign currency without the necessary prior authorisation.

27/02/19 Final decision
27/02/19

Fine of nine thousand euro (€9,000) imposed on Mr. Luis Alberto Gasparini, sole director of Euro Trading & Financial, S.A., (after application of a reduction of 40% provided for in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure) pursuant to Article 101(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 defined in Article 7(3)(II)(b) of Royal Decree 2660/1998 of 14 December 1998 on the changing of foreign currency in establishments open to the public other than credit institutions, in conjunction with Article 93(e) of said Law 10/2014 and with Article 178(Three) of Law 13/1996 of 30 December 1996 on fiscal, administrative and social measures.

This infringement consisted of non-compliance with the obligation to record transactions as stipulated by Banco de España Circular 6/2001 of 29 October 2001 on owners of currency-exchange bureaux.

27/02/19 Final decision
27/02/19

Fine of one hundred and twenty thousand euro (€120,000) imposed on Euro Trading & Financial, S.A. (after application of a reduction of 40% provided for in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure) pursuant to Article 97(1)(a)(2) 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 defined in Article 7(3)(I)(b) of Royal Decree 2660/1998 of 14 December 1998 on the changing of foreign currency in establishments open to the public other than credit institutions, in conjunction with Article 92(g) of said Law 10/2014 and with Article 178(Three) of Law 13/1996 of 30 December 1996 on fiscal, administrative and social measures.

This infringement consisted of essential irregularities in the accounts of the Entity that prevent its financial position from being known.

27/02/19 Final decision
27/02/19

Fine of twenty-four thousand euro (€24,000) imposed on Euro Trading & Financial, S.A (after application of a reduction of 40% provided for in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure) pursuant to Article 98(1)(b)(2) 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 defined in Article 7(3)(II)(a) of Royal Decree 2660/1998 of 14 December 1998 on the changing of foreign currency in establishments open to the public other than credit institutions, in conjunction with Article 93(d) of said Law 10/2014 and with Article 178(Three) of Law 13/1996 of 30 December 1996 on fiscal, administrative and social measures.

This infringement consisted of the performance of transactions for the sale of foreign currency without the necessary prior authorisation.

27/02/19 Final decision
27/02/19

Fine of thirty-nine thousand euro (€39,000) imposed on Euro Trading & Financial, S.A. (after application of a reduction of 40% provided for in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure) pursuant to Article 98(1)(b)(2) 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 defined in Article 7(3)(II)(b) of Royal Decree 2660/1998 of 14 December 1998 on the changing of foreign currency in establishments open to the public other than credit institutions, in conjunction with Article 93(e) of said Law 10/2014 and with Article 178(Three) of Law 13/1996 of 30 December 1996 on fiscal, administrative and social measures.

This infringement consisted of non-compliance with the obligation to record transactions as stipulated by Banco de España Circular 6/2001 of 29 October 2001 on owners of currency-exchange bureaux.

27/02/19 Final decision
27/02/19

Fine of one hundred and seventy-four thousand euro (€174,000) imposed on Triodos Bank, N.V., Sucursal en España (after the application of a reduction of 40% provided for in Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure) 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 defined in Article 93(f) of said Law 10/2014.

This infringement consisted of non-compliance by the institution with the provisions of Ministerial Order 2899/2011 and Banco de España Circular 5/2012 relating to precontractual information provided to the customer on transaction expenses and costs and to the inclusion of such expenses and costs in the calculation of the annual percentage rate (APR).

27/02/19 Final decision
15/02/19

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).

27/11/17 Final decision
15/02/19

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).

27/11/17 Final decision
15/02/19

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).

27/11/17 Final decision
15/02/19

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).

27/11/17 Final decision