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
12/05/22

Fine imposed on Mr. José Luis Sainz Dochado, shareholder of E. Kuantia, E.D.E., S.L., amounting to eight thousand euro (€8,000) after application of the reduction of 20% for voluntary payment  established in  Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure, pursuant to Article 98(1)(b) 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 23(2) of Law 21/2011 of 26 July 2011 on electronic money, and in Article 27(4) of Royal Decree 778/2012 of 4 May 2012 on the legal regime for electronic money institutions.

Specifically, this infringement consisted in the acquisition of a significant shareholding in the above mentioned electronic money institution, without fulfilling the obligations under Article 21 of the aforementioned Law 21/2011 to give prior notice and submit relevant information to the Banco de España.

28/01/21 Final administrative decision. Currently under appeal before the courts
12/05/22

Fine imposed on Mr. Moshe Shoshan, shareholder of E. Kuantia, E.D.E., S.L., amounting to nine thousand six hundred euro (€9,600) after application of the reduction of 20% for voluntary payment established in  Article 85 of Law 39/2015 of 1 October 2015 on the general government common administrative procedure, pursuant to Article 98(1)(b) 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 23(2) of Law 21/2011 of 26 July 2011 on electronic money, and in Article 27(4) of Royal Decree 778/2012 of 4 May 2012 on the legal regime for electronic money institutions.

Specifically, this infringement consisted in the acquisition of a significant shareholding in the above mentioned electronic money institution, without fulfilling the obligations under Article 21 of the aforementioned Law 21/2011 to give prior notice and submit relevant information to the Banco de España.

28/01/21 Final administrative decision. Currently under appeal before the courts