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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.

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Publication date: 19/01/2024

Decision: Penalty imposed on Mr. José Ramón Monreal Domec, director of Pecunia Cards E.D.E., S.L., of disqualification for a period of 2 (two) years from serving as a director or manager at any electronic money institution or in the financial sector.

Grounds: Serious infringement for having failed said institution to comply, mainly during the years 2021 and 2022, although in some aspects also in previous years, with the organisational and disciplinary rules set out in Law 21/2011 of 26 July 2011 on electronic money and, specifically, those relating to guaranteeing and safeguarding the funds received from customers and to fees and commissions.

Applicable legislation: Law 21/2011, Royal Decree 778/2012 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Serious; Prudential supervision of institutions; Electronic money institution; Director; No; Disqualification

Final decision

Publication date: 19/01/2024

Decision: Penalty imposed on Mr. José Ramón Monreal Domec, director of Pecunia Cards E.D.E., S.L., of disqualification for a period of 2 (two) years from serving as a director or manager at any electronic money institution or in the financial sector.

Grounds: Very serious infringement for insufficient coverage by the institution of its capital requirements, as it was below 80% of the minimum required amount for a period of more than six months (between, at least, December 2021 and December 2022).

Applicable legislation: Law 21/2011, Royal Decree 778/2012 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Very serious; Prudential supervision of institutions; Electronic money institution; Director; No; Disqualification

Final decision

Publication date: 19/01/2024

Decision: Two sanctions imposed on Mr. José Ramón Monreal Domec, director of Pecunia Cards E.D.E., S.L.: (i) one fine amounting to twenty-five thousand euro (€25,000) and (ii) one penalty of disqualification for a period of 3 (three) years from serving as a director or manager at any electronic money institution or in the financial sector.

Grounds: Very serious infringement for having incurred said institution, mainly during the years 2021 and 2022, although in some aspects also in previous years, in deficiencies in the institution’s organisational set-up, internal control mechanisms and administrative and accounting procedures, including those relating to risk management and control, with such deficiencies having endangered its solvency or viability.

Applicable legislation: Law 21/2011 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Very serious; Customer protection and transparency; Electronic money institution; Director; No; Disqualification, Fine

Final decision

Publication date: 19/01/2024

Decision: Penalty imposed on Mr. Antonio Bernardo García Cruz, director and general manager of Pecunia Cards E.D.E., S.L., of disqualification for a period of 1 (one) year from serving as a director or manager at any electronic money institution or in the financial sector, and removal from the directorship held at Pecunia Cards E.D.E., S.L.

Grounds: Serious infringement for having failed said institution to comply, mainly during the years 2021 and 2022, although in some aspects also in previous years, with the organisational and disciplinary rules set out in Law 21/2011 of 26 July 2011 on electronic money and, specifically, those relating to guaranteeing and safeguarding the funds received from customers and to fees and commissions.

Applicable legislation: Law 21/2011, Royal Decree 778/2012 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Serious; Prudential supervision of institutions; Electronic money institution; Director, Director and manager or similar officer, Manager or similar officer; No; Disqualification, Removal from office

Final decision

Publication date: 19/01/2024

Decision: Two sanctions imposed on Mr. Antonio Bernardo García Cruz, director and general manager of Pecunia Cards E.D.E., S.L.: (i) one fine amounting to twenty thousand euro (€20,000) and (ii) one penalty of disqualification for a period of 3 (three) years from serving as a director or manager at any electronic money institution or in the financial sector, and removal from the directorship held at Pecunia Cards E.D.E., S.L.

Grounds: Very serious infringement for having incurred said institution, mainly during the years 2021 and 2022, although in some aspects also in previous years, in deficiencies in the institution’s organisational set-up, internal control mechanisms and administrative and accounting procedures, including those relating to risk management and control, with such deficiencies having endangered its solvency or viability.

Applicable legislation: Law 21/2011 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Very serious; Customer protection and transparency; Electronic money institution; Director, Director and manager or similar officer, Manager or similar officer; No; Disqualification, Fine, Removal from office

Final decision

Publication date: 19/01/2024

Decision: Penalty imposed on Mr. Antonio Bernardo García Cruz, director and general manager of Pecunia Cards E.D.E., S.L., of disqualification for a period of 1 (one) year from serving as a director or manager at any electronic money institution or in the financial sector, and removal from the directorship held at Pecunia Cards E.D.E., S.L.

Grounds: Very serious infringement for insufficient coverage by the institution of its capital requirements, as it was below 80% of the minimum required amount for a period of more than six months (between, at least, December 2021 and December 2022).

Applicable legislation: Law 21/2011, Royal Decree 778/2012 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Very serious; Prudential supervision of institutions; Electronic money institution; Director, Director and manager or similar officer, Manager or similar officer; No; Disqualification, Removal from office

Final decision

Publication date: 19/01/2024

Decision: Two sanctions imposed on Mr. Manuel Francisco Javier Guirao Parga, Chairman of the Board of Directors of Pecunia Cards E.D.E., S.L.: (i) one fine amounting to fifteen thousand euro (€15,000) and (ii) one penalty of disqualification for a period of 2 (two) years from serving as a director or manager at any electronic money institution or in the financial sector, and removal from the directorship held at Pecunia Cards E.D.E., S.L.

Grounds: Very serious infringement for having incurred said institution, mainly during the years 2021 and 2022, although in some aspects also in previous years, in deficiencies in the institution’s organisational set-up, internal control mechanisms and administrative and accounting procedures, including those relating to risk management and control, with such deficiencies having endangered its solvency or viability.

Applicable legislation: Law 21/2011 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Very serious; Customer protection and transparency; Electronic money institution; Director; No; Disqualification, Fine, Removal from office

Final decision

Publication date: 19/01/2024

Decision: Penalty imposed on Mr. Manuel Francisco Javier Guirao Parga, Chairman of the Board of Directors of Pecunia Cards E.D.E., S.L., of disqualification for a period of 1 (one) year from serving as a director or manager at any electronic money institution or in the financial sector, and removal from the directorship held at Pecunia Cards E.D.E., S.L.

Grounds: Very serious infringement for insufficient coverage by the institution of its capital requirements, as it was below 80% of the minimum required amount for a period of more than six months (between, at least, December 2021 and December 2022).

Applicable legislation: Law 21/2011, Royal Decree 778/2012 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Very serious; Prudential supervision of institutions; Electronic money institution; Director; No; Disqualification, Removal from office

Final decision

Publication date: 19/01/2024

Decision: Penalty imposed on Mr. Manuel Francisco Javier Guirao Parga, Chairman of the Board of Directors of Pecunia Cards E.D.E., S.L., of disqualification for a period of 1 (one) year from serving as a director or manager at any electronic money institution or in the financial sector, and removal from the directorship held at Pecunia Cards E.D.E., S.L.

Grounds: Serious infringement for having failed said institution to comply, mainly during the years 2021 and 2022, although in some aspects also in previous years, with the organisational and disciplinary rules set out in Law 21/2011 of 26 July 2011 on electronic money and, specifically, those relating to guaranteeing and safeguarding the funds received from customers and to fees and commissions.

Applicable legislation: Law 21/2011, Royal Decree 778/2012 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Serious; Prudential supervision of institutions; Electronic money institution; Director; No; Disqualification, Removal from office

Final decision

Publication date: 18/01/2024

Decision: Fine on Mr. Octavio Claro Izaguirre, Chief Executive Officer of Tasalia Sociedad de Tasación, S.A., amounting to one thousand and eighth hundred euro (€1,800), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Serious infringement consisting in the aforementioned appraisal company submitting inaccurate information to the Banco de España making it difficult to assess the appraisal company’s activity. Specifically, the inaccurate information was on appraisals reported by the aforementioned appraisal company via Return 111.1 provided for in Banco de España Circular 3/1998.

Applicable legislation: Law 10/2014, Law 2/1981 (in force at the time when the relevant facts were committed) and Banco de España Circular 3/1998

Resolution date: 21/12/2023

Sanction classification: Serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 18/01/2024

Decision: Fine on Tasalia Sociedad de Tasación, S.A., amounting to thirty thousand euro (€30,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement consisting in shortcomings in the aforementioned appraisal company’s internal control procedures and internal appraisal methodologies, resulting in failure to ensure the entity’s capacity to ascertain the situation and conditions of the real estate market in which it operates and uniform compliance with the applicable appraisal rules.

Applicable legislation: Law 10/2014 and Law 2/1981 (in force at the time when the relevant facts were committed).

Resolution date: 21/12/2023

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; No; Fine

Final decision

Publication date: 18/01/2024

Decision: Fine on Mrs. Juana Ana Gamundi Salamanca, director of Tasalia Sociedad de Tasación, S.A., amounting to two thousand and four hundred euro (€2.400), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement consisting in shortcomings in the aforementioned appraisal company’s internal control procedures and internal appraisal methodologies, resulting in failure to ensure the entity’s capacity to ascertain the situation and conditions of the real estate market in which it operates and uniform compliance with the applicable appraisal rules.

Applicable legislation: Law 10/2014 and Law 2/1981 (in force at the time when the relevant facts were committed).

Resolution date: 21/12/2023

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 18/01/2024

Decision: Fine on Mr. Juan Seguí Perelló, Chairman of the Board of Directors of Tasalia Sociedad de Tasación, S.A., amounting to two thousand and four hundred euro (€2.400), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement consisting in shortcomings in the aforementioned appraisal company’s internal control procedures and internal appraisal methodologies, resulting in failure to ensure the entity’s capacity to ascertain the situation and conditions of the real estate market in which it operates and uniform compliance with the applicable appraisal rules.

Applicable legislation: Law 10/2014 and Law 2/1981 (in force at the time when the relevant facts were committed).

Resolution date: 21/12/2023

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 18/01/2024

Decision: Fine on Mr. Octavio Claro Izaguirre, Chief Executive Officer of Tasalia Sociedad de Tasación, S.A., amounting to five thousand and four hundred euro (€5.400), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement consisting in shortcomings in the aforementioned appraisal company’s internal control procedures and internal appraisal methodologies, resulting in failure to ensure the entity’s capacity to ascertain the situation and conditions of the real estate market in which it operates and uniform compliance with the applicable appraisal rules.

Applicable legislation: Law 10/2014 and Law 2/1981 (in force at the time when the relevant facts were committed).

Resolution date: 21/12/2023

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 18/01/2024

Decision: Fine on Mr. Octavio Claro Izaguirre, Chief Executive Officer of Tasalia Sociedad de Tasación, S.A., amounting to two thousand and four hundred euro (€2,400), after application of the 40% discount provided for in Article 85 of Law 39/2015.

 Grounds: Very serious infringement consisting in the aforementioned appraisal company conducting activities outside the scope of its legally established corporate purpose, with those activities not conducted in a merely sporadic or isolated manner.

Applicable legislation: Law 10/2014 and Law 2/1981 (in force at the time when the relevant facts were committed).

Resolution date: 21/12/2023

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 18/01/2024

Decision: Fine on Tasalia Sociedad de Tasación, S.A., amounting to six thousand euro (€6,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Serious infringement consisting in the aforementioned appraisal company submitting inaccurate information to the Banco de España making it difficult to assess the appraisal company’s activity. Specifically, the inaccurate information was on appraisals reported by the aforementioned appraisal company via Return 111.1 provided for in Banco de España Circular 3/1998.

Applicable legislation: Law 10/2014, Law 2/1981 (in force at the time when the relevant facts were committed) and Banco de España Circular 3/1998.

Resolution date: 21/12/2023

Sanction classification: Serious; Prudential supervision of institutions; Appraisal company; No; Fine

Final decision

Publication date: 18/01/2024

Decision: Fine on Mr. Juan Seguí Perelló, Chairman of the Board of Directors of Tasalia Sociedad de Tasación, S.A., amounting to one thousand and two hundred euro (€1.200), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement consisting in the aforementioned appraisal company conducting activities outside the scope of its legally established corporate purpose, with those activities not conducted in a merely sporadic or isolated manner.

Applicable legislation: Law 10/2014 and Law 2/1981 (in force at the time when the relevant facts were committed).

Resolution date: 21/12/2023

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 18/01/2024

Decision: Fine on Mrs. Juana Ana Gamundi Salamanca, director of Tasalia Sociedad de Tasación, S.A., amounting to one thousand and two hundred euro (€1.200), after application of the 40% discount provided for in Article 85 of Law 39/2015.

 Grounds: Very serious infringement consisting in the aforementioned appraisal company conducting activities outside the scope of its legally established corporate purpose, with those activities not conducted in a merely sporadic or isolated manner.

Applicable legislation: Law 10/2014 and Law 2/1981 (in force at the time when the relevant facts were committed).

Resolution date: 21/12/2023

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 18/01/2024

Decision: Fine on Tasalia Sociedad de Tasación, S.A, amounting to twelve thousand euro (€12,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement consisting in the aforementioned appraisal company conducting activities outside the scope of its legally established corporate purpose, with those activities not conducted in a merely sporadic or isolated manner.

Applicable legislation: Law 10/2014 and Law 2/1981 (in force at the time when the relevant facts were committed).

Resolution date: 21/12/2023

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Mr. José Ramón Monreal Domec, director of Pecunia Cards E.D.E., S.L., amounting to twenty-four thousand euro (€24,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement for having failed said institution to comply, mainly during the years 2021 and 2022, although in some aspects also in previous years, with the rules set out in Article 71(3) of Royal Decree-Law 19/2018 of 23 November 2018 on payment services and other urgent financial measures, with these breaches considered particularly relevant due to the number of affected parties, the repetition of the conduct or the effects on customer confidence. In this case, the breaches related to contractual information, interruption in the provision of services and undue collection of fees.

Applicable legislation: Royal Decree-Law 19/2018, Law 22/2007, Law 10/2014 and Ministerial Order ECE/1263/2019.

Resolution date: 23/11/2023

Sanction classification: Very serious; Customer protection and transparency; Electronic money institution; Director; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Mr. César Molinas Sans, director of Pecunia Cards E.D.E., S.L., amounting to six thousand euro (€6,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Serious infringement for having failed said institution to comply, mainly during the years 2021 and 2022, although in some aspects also in previous years, with the organisational and disciplinary rules set out in Law 21/2011 of 26 July 2011 on electronic money and, specifically, those relating to guaranteeing and safeguarding the funds received from customers and to fees and commissions.

Applicable legislation: Law 21/2011, Royal Decree 778/2012 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Serious; Prudential supervision of institutions; Electronic money institution; Director; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Mr. José Enrique Sancho Gargallo, director of Pecunia Cards E.D.E., S.L., amounting to four thousand eight hundred euro (€4,800), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement for insufficient coverage by the institution of its capital requirements, as it was below 80% of the minimum required amount for a period of more than six months (between, at least, December 2021 and December 2022).

Applicable legislation: Law 21/2011, Royal Decree 778/2012 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Very serious; Prudential supervision of institutions; Electronic money institution; Director; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Mr. César Molinas Sans, director of Pecunia Cards E.D.E., S.L., amounting to seven thousand two hundred euro (€7,200), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement for insufficient coverage by the institution of its capital requirements, as it was below 80% of the minimum required amount for a period of more than six months (between, at least, December 2021 and December 2022).

Applicable legislation: Law 21/2011, Royal Decree 778/2012 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Very serious; Prudential supervision of institutions; Electronic money institution; Director; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Mr. César Molinas Sans, director of Pecunia Cards E.D.E., S.L., amounting to ten thousand eight hundred euro (€10,800), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement for having incurred said institution, mainly during the years 2021 and 2022, although in some aspects also in previous years, in deficiencies in the institution’s organisational set-up, internal control mechanisms and administrative and accounting procedures, including those relating to risk management and control, with such deficiencies having endangered its solvency or viability.

Applicable legislation: Law 21/2011 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Very serious; Customer protection and transparency; Electronic money institution; Director; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Mr. José Enrique Sancho Gargallo, director of Pecunia Cards E.D.E., S.L., amounting to twelve thousand euro (€12,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement for having failed said institution to comply, mainly during the years 2021 and 2022, although in some aspects also in previous years, with the rules set out in Article 71(3) of Royal Decree-Law 19/2018 of 23 November 2018 on payment services and other urgent financial measures, with these breaches considered particularly relevant due to the number of affected parties, the repetition of the conduct or the effects on customer confidence. In this case, the breaches related to contractual information, interruption in the provision of services and undue collection of fees.

Applicable legislation: Royal Decree-Law 19/2018, Law 22/2007, Law 10/2014 and Ministerial Order ECE/1263/2019.

Resolution date: 23/11/2023

Sanction classification: Very serious; Customer protection and transparency; Electronic money institution; Director; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Mr. João Filipe dos Santos Cardoso de Barros, director of Pecunia Cards E.D.E., S.L., amounting to six thousand euro (€6,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement for having failed said institution to comply, mainly during the years 2021 and 2022, although in some aspects also in previous years, with the rules set out in Article 71(3) of Royal Decree-Law 19/2018 of 23 November 2018 on payment services and other urgent financial measures, with these breaches considered particularly relevant due to the number of affected parties, the repetition of the conduct or the effects on customer confidence. In this case, the breaches related to contractual information, interruption in the provision of services and undue collection of fees.

Applicable legislation: Royal Decree-Law 19/2018, Law 22/2007, Law 10/2014 and Ministerial Order ECE/1263/2019.

Resolution date: 23/11/2023

Sanction classification: Very serious; Customer protection and transparency; Electronic money institution; Director; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Pecunia Cards E.D.E., S.L., amounting to one hundred and fifty thousand euro (€150,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement for insufficient coverage by the institution of its capital requirements, as it was below 80% of the minimum required amount for a period of more than six months (between, at least, December 2021 and December 2022).

Applicable legislation: Law 21/2011, Royal Decree 778/2012 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Very serious; Prudential supervision of institutions; Electronic money institution; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Mr. João Filipe dos Santos Cardoso de Barros, director of Pecunia Cards E.D.E., S.L., amounting to six thousand euro (€6,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement for having incurred said institution, mainly during the years 2021 and 2022, although in some aspects also in previous years, in deficiencies in the institution’s organisational set-up, internal control mechanisms and administrative and accounting procedures, including those relating to risk management and control, with such deficiencies having endangered its solvency or viability.

Applicable legislation: Law 21/2011 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Very serious; Customer protection and transparency; Electronic money institution; Director; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Mr. José Enrique Sancho Gargallo, director of Pecunia Cards E.D.E., S.L., amounting to nine thousand euro (€9,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement for having incurred said institution, mainly during the years 2021 and 2022, although in some aspects also in previous years, in deficiencies in the institution’s organisational set-up, internal control mechanisms and administrative and accounting procedures, including those relating to risk management and control, with such deficiencies having endangered its solvency or viability.

Applicable legislation: Law 21/2011 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Very serious; Customer protection and transparency; Electronic money institution; Director; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Pecunia Cards E.D.E., S.L., amounting to four hundred and twenty thousand euro (€420,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement for having incurred, mainly during the years 2021 and 2022, although in some aspects also in previous years, in deficiencies in the institution’s organisational set-up, internal control mechanisms and administrative and accounting procedures, including those relating to risk management and control, with such deficiencies having endangered its solvency or viability.

Applicable legislation: Law 21/2011 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Very serious; Customer protection and transparency; Electronic money institution; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Pecunia Cards E.D.E., S.L., amounting to three hundred thousand euro (€300,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement for having failed to comply, mainly during the years 2021 and 2022, although in some aspects also in previous years, with the rules set out in Article 71(3) of Royal Decree-Law 19/2018 of 23 November 2018 on payment services and other urgent financial measures, with these breaches considered particularly relevant due to the number of affected parties, the repetition of the conduct or the effects on customer confidence. In this case, the breaches related to contractual information, interruption in the provision of services and undue collection of fees.

Applicable legislation: Royal Decree-Law 19/2018. Law 22/2007, Law 10/2014 and Ministerial Order ECE/1263/2019.

Resolution date: 23/11/2023

Sanction classification: Very serious; Customer protection and transparency; Electronic money institution; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Mr. Antonio Bernardo García Cruz, director and general manager of Pecunia Cards E.D.E., S.L., amounting to thirty-six thousand euro (€36,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement for having failed said institution to comply, mainly during the years 2021 and 2022, although in some aspects also in previous years, with the rules set out in Article 71(3) of Royal Decree-Law 19/2018 of 23 November 2018 on payment services and other urgent financial measures, with these breaches considered particularly relevant due to the number of affected parties, the repetition of the conduct or the effects on customer confidence. In this case, the breaches related to contractual information, interruption in the provision of services and undue collection of fees.

Applicable legislation: Royal Decree-Law 19/2018, Law 22/2007, Law 10/2014 and Ministerial Order ECE/1263/2019.

Resolution date: 23/11/2023

Sanction classification: Very serious; Customer protection and transparency; Electronic money institution; Director, Director and manager or similar officer, Manager or similar officer; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Mr. José Enrique Sancho Gargallo, director of Pecunia Cards E.D.E., S.L., amounting to six thousand euro (€6,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Serious infringement for having failed said institution to comply, mainly during the years 2021 and 2022, although in some aspects also in previous years, with the organisational and disciplinary rules set out in Law 21/2011 of 26 July 2011 on electronic money and, specifically, those relating to guaranteeing and safeguarding the funds received from customers and to fees and commissions.

Applicable legislation: Law 21/2011, Royal Decree 778/2012 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Serious; Prudential supervision of institutions; Electronic money institution; Director; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Mr. Manuel Francisco Javier Guirao Parga, Chairman of the Board of Directors of Pecunia Cards E.D.E., S.L., amounting to thirty thousand euro (€30,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement for having failed said institution to comply, mainly during the years 2021 and 2022, although in some aspects also in previous years, with the rules set out in Article 71(3) of Royal Decree-Law 19/2018 of 23 November 2018 on payment services and other urgent financial measures, with these breaches considered particularly relevant due to the number of affected parties, the repetition of the conduct or the effects on customer confidence. In this case, the breaches related to contractual information, interruption in the provision of services and undue collection of fees.

Applicable legislation: Royal Decree-Law 19/2018, Law 22/2007, Law 10/2014 and Ministerial Order ECE/1263/2019.

Resolution date: 23/11/2023

Sanction classification: Very serious; Customer protection and transparency; Electronic money institution; Director; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Mr. César Molinas Sans, director of Pecunia Cards E.D.E., S.L., amounting to twelve thousand euro (€12,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Very serious infringement for having failed said institution to comply, mainly during the years 2021 and 2022, although in some aspects also in previous years, with the rules set out in Article 71(3) of Royal Decree-Law 19/2018 of 23 November 2018 on payment services and other urgent financial measures, with these breaches considered particularly relevant due to the number of affected parties, the repetition of the conduct or the effects on customer confidence. In this case, the breaches related to contractual information, interruption in the provision of services and undue collection of fees.

Applicable legislation: Royal Decree-Law 19/2018, Law 22/2007, Law 10/2014 and Ministerial Order ECE/1263/2019.

Resolution date: 23/11/2023

Sanction classification: Very serious; Customer protection and transparency; Electronic money institution; Director; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Mr. João Filipe dos Santos Cardoso de Barros, director of Pecunia Cards E.D.E., S.L., amounting to five thousand four hundred euro (€5,400), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Serious infringement for having failed said institution to comply, mainly during the years 2021 and 2022, although in some aspects also in previous years, with the organisational and disciplinary rules set out in Law 21/2011 of 26 July 2011 on electronic money and, specifically, those relating to guaranteeing and safeguarding the funds received from customers and to fees and commissions.

Applicable legislation: Law 21/2011, Royal Decree 778/2012 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Serious; Prudential supervision of institutions; Electronic money institution; Director; No; Fine

Final decision

Publication date: 21/12/2023

Decision: Fine on Pecunia Cards E.D.E., S.L., amounting to two hundred and seventy thousand euro (€270,000), after application of the 40% discount provided for in Article 85 of Law 39/2015.

Grounds: Serious infringement for having failed to comply, mainly during the years 2021 and 2022, although in some aspects also in previous years, with the organisational and disciplinary rules set out in Law 21/2011 of 26 July 2011 on electronic money and, specifically, those relating to guaranteeing and safeguarding the funds received from customers and to fees and commissions.

Applicable legislation: Law 21/2011, Royal Decree 778/2012 and Law 10/2014.

Resolution date: 23/11/2023

Sanction classification: Serious; Prudential supervision of institutions; Electronic money institution; No; Fine

Final decision

Publication date: 18/12/2023

Decision: Fine imposed on Mr. Michel Falvert, director of Unión de Créditos Inmobiliarios, S.A., E.F.C., amounting to thirty-five thousand euro (€35,000).

Grounds: A very serious infringement consisting in shortcomings at the above-named institution in its organisational structure and its internal control mechanisms, and in inappropriate management of its credit risk, all of which jeopardised its solvency.

Applicable legislation: Law 10/2014.

Resolution date: 27/03/2023

Sanction classification: Very serious; Prudential supervision of institutions; Specialised lending institution; Director; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 18/12/2023

Decision: Fine imposed on Mrs. Remedios Ruiz Maciá, director of Unión de Créditos Inmobiliarios, S.A., E.F.C., amounting to thirty-five thousand euro (€35,000).

Grounds: A very serious infringement consisting in shortcomings at the above-named institution in its organisational structure and its internal control mechanisms, and in inappropriate management of its credit risk, all of which jeopardised its solvency.

Applicable legislation: Law 10/2014.

Resolution date: 27/03/2023

Sanction classification: Very serious; Prudential supervision of institutions; Specialised lending institution; Director; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 07/12/2023

Decision: Fine imposed on Mr. Roberto Colomer Blasco, general manager of Unión de Créditos Inmobiliarios, S.A., E.F.C., amounting to fifty-five thousand euro (€55,000).

Grounds: A very serious infringement consisting in shortcomings at the above-named institution in its organisational structure and its internal control mechanisms, and in inappropriate management of its credit risk, all of which jeopardised its solvency

Applicable legislation: Law 10/2014.

Resolution date: 27/03/2023

Sanction classification: Very serious; Prudential supervision of institutions; Specialised lending institution; Manager or similar officer; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 07/12/2023

Decision: Fine imposed on Mr. Benoît Patrice Stéphane Cavelier, director of Unión de Créditos Inmobiliarios, S.A., E.F.C., amounting to twenty-five thousand euro (€25,000).

Grounds: A very serious infringement consisting in shortcomings at the above-named institution in its organisational structure and its internal control mechanisms, and in inappropriate management of its credit risk, all of which jeopardised its solvency.

Applicable legislation: Law 10/2014.

Resolution date: 27/03/2023

Sanction classification: Very serious; Prudential supervision of institutions; Specialised lending institution; Director; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 07/12/2023

Decision: Fine imposed on Mr. Matías Pedro Rodríguez Inciarte, chairman and director of Unión de Créditos Inmobiliarios, S.A., E.F.C., amounting to thirty thousand euro (€30,000).

Grounds: A very serious infringement consisting in shortcomings at the above-named institution in its organisational structure and its internal control mechanisms, and in inappropriate management of its credit risk, all of which jeopardised its solvency.

Applicable legislation: Law 10/2014.

Resolution date: 27/03/2023

Sanction classification: Very serious; Prudential supervision of institutions; Specialised lending institution; Director; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 07/12/2023

Decision: Fine imposed on Unión de Créditos Inmobiliarios, S.A., E.F.C., amounting to seven hundred thousand euro (€700,000).

Grounds: A very serious infringement consisting in shortcomings at the above-named institution in its organisational structure and its internal control mechanisms, and in inappropriate management of its credit risk, all of which jeopardised its solvency.

Applicable legislation: Law 10/2014.

Resolution date: 27/03/2023

Sanction classification: Very serious; Prudential supervision of institutions; Specialised lending institution; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 19/10/2023

Decision: Fine imposed on Mr. Francisco Javier Martín de Bustamante Vega, Director of AGRUPACIÓN TÉCNICA DEL VALOR, S.A., amounting to four thousand and eight hundred euros (€4,800), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

 Grounds: Very serious infringement comprising shortcomings in the administrative, technical or personnel organisation of the abovementioned institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, or control of the incompatibility obligations applicable to the professionals in its service.

Applicable legislation: Law 10/2014 and Law 2/1981 of 25 March 1981 on mortgage market regulation (in force when the infringement was committed).

Resolution date: 25/09/2023

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 19/10/2023

Decision: Fine imposed on Mr. José Gregorio Alcántara Usano, Director and General Manager of AGRUPACIÓN TÉCNICA DEL VALOR, S.A., amounting to ten thousand and two hundred euros (€10,200), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

 Grounds: Very serious infringement comprising shortcomings in the administrative, technical or personnel organisation of the abovementioned institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, or control of the incompatibility obligations applicable to the professionals in its service.

Applicable legislation: Law 10/2014 and Law 2/1981 of 25 March 1981 on mortgage market regulation (in force when the infringement was committed).

Resolution date: 25/09/2023

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director, Director and manager or similar officer, Manager or similar officer; No; Fine

Final decision

Publication date: 19/10/2023

Decision: Fine imposed on AGRUPACIÓN TÉCNICA DEL VALOR, S.A., amounting to seventy-eight thousand euros (€78,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

 Grounds: Very serious infringement comprising shortcomings in the administrative, technical or personnel organisation of the abovementioned institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, or control of the incompatibility obligations applicable to the professionals in its service.

Applicable legislation: Law 10/2014 and Law 2/1981 of 25 March 1981 on mortgage market regulation (in force when the infringement was committed).

Resolution date: 25/09/2023

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; No; Fine

Final decision

Publication date: 19/10/2023

Decision: Fine imposed on Mrs. Ángeles Aguilar Viyuela, Chairman of the Board of Directors, Chief Executive Officer and General Manager of AGRUPACIÓN TÉCNICA DEL VALOR, S.A., amounting to twelve thousand euros (€12,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

 Grounds: Very serious infringement comprising shortcomings in the administrative, technical or personnel organisation of the abovementioned institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, or control of the incompatibility obligations applicable to the professionals in its service.

Applicable legislation: Law 10/2014 and Law 2/1981 of 25 March 1981 on mortgage market regulation (in force when the infringement was committed).

Resolution date: 25/09/2023

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director, Director and manager or similar officer, Manager or similar officer; No; Fine

Final decision

Publication date: 12/09/2023

Decision: Fine imposed on Mr. Antolín Arquillo Aguilera, Chairman of the Board of Directors of GLOVAL VALUATION, S.A., amounting to seven thousand euro (€7,000).

Grounds: Very serious infringement comprising shortcomings in the administrative, technical or personnel organisation of the abovementioned institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Applicable legislation: Law 10/2014 and Law 2/1981 of 25 March 1981 on mortgage market regulation.

Resolution date: 14/06/2022

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 12/09/2023

Decision: Fine imposed on Mr. Estanislao de la Quadra-Salcedo Capdevila, director and general manager of GLOVAL VALUATION, S.A., amounting to nine thousand euro (€9,000).

Grounds: Very serious infringement comprising shortcomings in the administrative, technical or personnel organisation of the abovementioned institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Applicable legislation: Law 10/2014 and Law 2/1981 of 25 March 1981 on mortgage market regulation.

Resolution date: 14/06/2022

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director, Director and manager or similar officer, Manager or similar officer; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 24/08/2023

Decision: Fine imposed on Mr. Guillermo Vicandi Nebreda, director of Bnext Electronic Issuer, E.D.E., S.L., amounting to twelve thousand euros (€12,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

 Grounds: Serious infringement for the failure to report to the Banco de España, in a timely manner, the acquisition of and reduction in indirect qualifying holdings in the aforementioned electronic money institution.

Applicable legislation: Law 10/2014, Law 21/2011, Royal Decree-Law 19/2018 and Royal Decree 778/2012.

Resolution date: 28/07/2023

Sanction classification: Serious; Prudential supervision of institutions; Electronic money institution; Director; No; Fine

Final decision

Publication date: 24/08/2023

Decision: Fine imposed on Mr. Juan Antonio Rullán de la Mata, director of Bnext Electronic Issuer, E.D.E., S.L., amounting to six thousand euros (€6,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

Grounds: Serious infringement for the failure to report to the Banco de España, in a timely manner, the acquisition of and reduction in indirect qualifying holdings in the aforementioned electronic money institution.

Applicable legislation: Law 10/2014, Law 21/2011, Royal Decree-Law 19/2018 and Royal Decree 778/2012.

Resolution date: 28/07/2023

Sanction classification: Serious; Prudential supervision of institutions; Electronic money institution; Director; No; Fine

Final decision

Publication date: 23/08/2023

Resolución: Multa a Bnext Electronic Issuer, E.D.E., S.L. por importe de ciento veinte mil euros (120.000 €), tras la aplicación de las reducciones del 40% contempladas en el artículo 85 de la Ley 39/2015.

Motivo: Infracción grave por no haber informado oportunamente al Banco de España de la adquisición y reducción de participaciones significativas indirectas en la referida entidad de dinero electrónico.

Normas aplicables: Ley 10/2014, Ley 21/2011, Real Decreto-Ley 19/2018, y Real Decreto 778/2012.

Resolution date: 28/07/2023

Sanction classification: Serious; Prudential supervision of institutions; Electronic money institution; No; Fine

Firme

Publication date: 18/04/2023

Decision: Fine imposed on Ibercaja Banco, S.A., amounting to five million euro (€5,000,000).

Grounds: Serious infringement comprising the reporting of inaccurate information to the Banco de España in the return “Interest rates on lending transactions in Spain with the resident private sector”, required by Annex 9 of Banco de España Circular 5/2012.

Applicable legislation: Law 10/2014, Order 2899/2011, and Banco de España Circulars 8/1990 (Rule eight) and 5/2012.

Resolution date: 25/04/2022

Sanction classification: Serious; Customer protection and transparency; Bank; No; Fine

Final administrative decision. The sanction is currently under appeal before the courts.

Publication date: 21/02/2023

Decision: Fine on TECNITASA Técnicos en Tasación, S.A., amounting to TWO HUNDRED AND TWENTY-FIVE THOUSAND euro (€225,000).

Reason: Very serious infringement comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Applicable legislation: Law 10/2014 and Law 2/1981

Resolution date: 30/03/2022

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; No; Fine

Final decision

Publication date: 21/02/2023

Decision: Fine on Mr. José María Basáñez Agarrado, Chairman of the Board of Directors of TECNITASA Técnicos en Tasación, S.A., amounting to THIRTEEN THOUSAND euro (€13,000).

Reason: Very serious infringement comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Applicable legislation: Law 10/2014 and Law 2/1981

Resolution date: 30/03/2022

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 21/02/2023

Decision: Fine on Mr. Luis Elías Rodríguez-Viña González, Chief Executive Officer of TECNITASA Técnicos en Tasación, S.A., amounting to TWENTY-TWO THOUSAND euro (€22,000).

Reason: Very serious infringement comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Applicable legislation: Law 10/2014 and Law 2/1981

Resolution date: 30/03/2022

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 21/02/2023

Decision: Fine on Mr. José Antonio Muro Calero, Vice Chairman and General Manager of TECNITASA Técnicos en Tasación, S.A., amounting to TWENTY-TWO THOUSAND euro (€22,000).

Reason: Very serious infringement comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Applicable legislation: Law 10/2014 and Law 2/1981

Resolution date: 30/03/2022

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director, Director and manager or similar officer, Manager or similar officer; No; Fine

Final decision

Publication date: 21/02/2023

Decision: Fine on Mr. Manuel Ramos Letrán, Director of TECNITASA Técnicos en Tasación, S.A., amounting to THIRTEEN THOUSAND euro (€13,000).

Reason: Very serious infringement comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Applicable legislation: Law 10/2014 and Law 2/1981

Resolution date: 30/03/2022

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 18/11/2022

Decision: Fine on D. Juan Sitges Serra, former general manager of COFIDIS, S.A., Sucursal en España, amounting to thirty thousand euro (€30,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

Reason: Serious infringement for breaches relating to the provision of the pre-contractual information and the content of such information and of the contractual documentation, in the period from 1 January 2016 to 31 December 2017.

Applicable legislation: Law 39/2015, Law 10/2014 and Law 16/2011.

Resolution date: 24/10/2022

Sanction classification: Serious; Customer protection and transparency; Branch office of foreign credit institution; Manager or similar officer; No; Fine

Final decision

Publication date: 18/11/2022

Decision: Fine on COFIDIS, S.A., Sucursal en España, amounting to three million euro (€3,000,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

Reason: Serious infringement for breaches in the period from 1 January 2016 to 31 December 2017 relating to: (1) the systematic inclusion in the loan application documents of a clause indicating that the customer was simultaneously and indissolubly applying for a line of credit, whose use was encouraged by the Entity and which bore little relation to the financing originally sought by the customer in terms of manner of repayment and cost; (2) shortcomings in the marketing of payment protection insurance relating to customers’ consent; and (3) shortcomings in the content of the interest and commission settlement documents sent to customers.

Applicable legislation: Law 39/2015, Law 10/2014, Ministerial Order 2899/2011 and Banco de España Circular 5/2012.

Resolution date: 24/10/2022

Sanction classification: Serious; Customer protection and transparency; Branch office of foreign credit institution; No; Fine

Final decision

Publication date: 18/11/2022

Decision: Fine on COFIDIS, S.A., Sucursal en España, amounting to one million five hundred thousand euro (€1,500,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

Reason: Serious infringement for breaches relating to the provision of the pre-contractual information and the content of such information and of the contractual documentation in the period from 1 January 2016 to 31 December 2017.

Applicable legislation: Law 39/2015, Law 10/2014 and Law 16/2011.

Resolution date: 24/10/2022

Sanction classification: Serious; Customer protection and transparency; Branch office of foreign credit institution; No; Fine

Final decision

Publication date: 18/11/2022

Decision: Fine on D. Juan Sitges Serra, former general manager of COFIDIS, S.A., Sucursal en España, amounting to sixty thousand euro (€60,000), after application of the 40% reductions provided for in Article 85 of Law 39/2015.

Reason: Serious infringement for breaches in the period from 1 January 2016 to 31 December 2017 relating to: (1) the systematic inclusion in the loan application documents of a clause indicating that the customer was simultaneously and indissolubly applying for a line of credit, whose use was encouraged by the Entity and which bore little relation to the financing originally sought by the customer in terms of manner of repayment and cost; (2) shortcomings in the marketing of payment protection insurance relating to customers’ consent; and (3) shortcomings in the content of the interest and commission settlement documents sent to customers.

Applicable legislation: Law 39/2015, Law 10/2014, Ministerial Order 2899/2011 and Banco de España Circular 5/2012.

Resolution date: 24/10/2022

Sanction classification: Serious; Customer protection and transparency; Branch office of foreign credit institution; Manager or similar officer; No; Fine

Final decision

Publication date: 05/11/2022

Fine imposed on IGNACIO MARTOS NAVARRO, director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to twenty-five thousand five hundred euro (€25,500), 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 very serious infringement, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Resolution date: 25/11/2020

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 21/10/2022

Fine imposed on Ms. Sandra Aránzazu Daza Silva, director and general manager of  Gesvalt Sociedad de Tasación, S.A.., amounting to thirteen thousand six hundred euros (€13,600) – after application of the reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government –, 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 very serious infringement, as defined in Article 3(bis.2)(a).3ª of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Resolution date: 27/09/2022

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director, Director and manager or similar officer, Manager or similar officer; No; Fine

Final decision

Publication date: 21/10/2022

Fine imposed on Gesvalt Sociedad de Tasación, S.A., amounting to one hundred and thirty six thousand euros (€136,000) – after application of the reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government –, provided for in Article 97(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, as defined in Article 3.(bis.2)(a).3ª of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Resolution date: 27/09/2022

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; No; Fine

Final decision

Publication date: 21/10/2022

Fine imposed on Mr. Germán Casaseca Hontoria, president and chief executive officer of  Gesvalt Sociedad de Tasación, S.A., amounting to thirteen thousand six hundred euros (€13,600)– after application of the reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government –, 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 very serious infringement, as defined in Article 3(bis.2)(a).3ª of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Resolution date: 27/09/2022

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 21/10/2022

Fine imposed on Mr. Guillermo Masso López, director of  Gesvalt Sociedad de Tasación, S.A., amounting to six thousand four hundred euros (€6,400) – after application of the reduction of 20% for voluntary payment established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government –, 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 very serious infringement, as defined in Article 3(bis.2)(a).3ª of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Resolution date: 27/09/2022

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 24/08/2022

Fine imposed on Santander Consumer Finance, S.A., amounting to five hundred and forty thousand euro (€540,000) – after application of the 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) 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 93(f) of the aforementioned Law 10/2014, comprising the performance of actions or operations in breach of the rules issued under Article 5 of said Law 10/2014.

Specifically, in breach of Ministerial Order 2899/2011 and Banco de España Circular 5/2012, by failing to provide customers, when settling unpaid consumer loans, with the mandatory interest or fee and commission settlement document, without such breaches being occasional or one-off in nature.

Resolution date: 27/07/2022

Sanction classification: Serious; Customer protection and transparency; Bank; No; Fine

Final decision

Publication date: 02/08/2022

Fine imposed on GLOVAL VALUATION, S.A., amounting to one hundred and fifty thousand euros (€150,000) – after application of the reductions of 40% established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government –, provided for in Article 97(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, as defined in Article 3.(bis.2)(a).3ª of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Resolution date: 14/06/2022

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; No; Fine

Final decision

Publication date: 02/08/2022

Fine imposed on Mr. Joaquín Elizaga Guitart, director of  GLOVAL VALUATION, S.A., amounting to five thousand euro (€5,000), 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 very serious infringement, as defined in Article 3(bis.2)(a).3ª of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Resolution date: 14/06/2022

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 12/05/2022

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.

Resolution date: 28/01/2021

Sanction classification: Serious; Prudential supervision of institutions; Electronic money institution; Others; No; Fine

Final decision

Publication date: 12/05/2022

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.

Resolution date: 28/01/2021

Sanction classification: Serious; Prudential supervision of institutions; Electronic money institution; Others; No; Fine

Final decision

Publication date: 22/02/2022

Fine imposed on BANCO MEDIOLANUM, S.A., amounting to three hundred thousand euro (€300,000) – after application of the reductions of 40% established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government –, 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 93(l) of said Law 10/2014, comprising the sending of inaccurate information required to be reported to the Banco de España in the return “Interest rates on lending transactions in Spain with the resident private sector” included in Annex 9 of Circular 5/2012 of the Banco de España.

Resolution date: 24/01/2022

Sanction classification: Serious; Prudential supervision of institutions; Bank; No; Fine

Final decision

Publication date: 05/01/2022

Fine imposed on TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to three hundred thousand euro (€300,000), provided for in Article 97(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, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Resolution date: 25/11/2020

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; No; Fine

Final decision

Publication date: 05/01/2022

Fine imposed on JOSÉ ANTONIO HERNÁNDEZ CALVÍN, general director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to twenty-seven thousand euro (€27,000), 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 very serious infringement, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Resolution date: 25/11/2020

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Manager or similar officer; No; Fine

Final decision

Publication date: 05/01/2022

Fine imposed on IGNACIO GARCÍA-ALTOZANO FESSER, director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to eighteen thousand seven hundred euro (€18,700), 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 very serious infringement, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Resolution date: 25/11/2020

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 05/01/2022

Fine imposed on BENJAMIN JACOBUS OSNABRUG, director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to twenty-one thousand two hundred and fifty euro (€21,250), 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 very serious infringement, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Resolution date: 25/11/2020

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final

Publication date: 05/01/2022

Fine imposed on JORGE QUEMADA SÁENZ BADILLOS, director of TINSA TASACIONES INMOBILIARIAS, S.A.U., amounting to fifteen thousand seven hundred and twenty-five euro (€15,725), 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 very serious infringement, as defined in Article 3(bis.2)(a).3º of Law 2/1981 of 25 March 1981 on mortgage market regulation, comprising shortcomings in the administrative, technical or personnel organisation of the institution or in its internal control procedures. As a result of those shortcomings, the following were not ensured: the institution’s capacity to ascertain the situation and conditions of the real estate market in which it operates, uniform compliance with the applicable appraisal rules, its professional independence from shareholders or customers, and control of the incompatibility obligations applicable to the professionals in its service.

Resolution date: 25/11/2020

Sanction classification: Very serious; Prudential supervision of institutions; Appraisal company; Director; No; Fine

Final decision

Publication date: 30/12/2021

Fine imposed on BANKOA, S.A. (now ABANCA CORPORACIÓN BANCARIA, S.A., the absorbing entity and universal successor of BANKOA, S.A.), amounting to one hundred and eighty thousand euro (€180,000), after application of the reductions of 40% 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 93(l) of said Law 10/2014, consisting of the inaccurate submission of information reportable to the Banco de España in the return entitled “Interest rates on lending transactions in Spain with the resident private sector”, included in Annex 9 of Banco de España Circular 5/2012.

Resolution date: 25/11/2021

Sanction classification: Serious; Customer protection and transparency; Bank; No; Fine

Final decision

Publication date: 09/08/2021

Fine imposed on BANCO BILBAO VIZCAYA ARGENTARIA, S.A., amounting to two million euro (€2,000,000), 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, of the type defined in Article 15 of Real Decreto-Ley 6/2012, of march 9, on urgent measures to protect mortgage debtors without resources.

Specifically, the obligations derived from article 5.4 of the aforementioned Real Decreto-Ley have been breached, related to issues such as the moment in which the economic effects of the restructuring should be applied, and, in certain cases, their amortization period or the requirement of additional conditions to those established in the standard.

Resolution date: 26/10/2020

Sanction classification: Serious; Customer protection and transparency; Bank; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 09/08/2021

Fine imposed on BANCO BILBAO VIZCAYA ARGENTARIA, S.A., amounting to four million euro (€4,000,000), 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, of the type defined in Article 15 of Real Decreto-Ley 6/2012, of march 9, on urgent measures to protect mortgage debtors without resources.

Specifically, the obligations derived from article 5.9 of the aforementioned Real Decreto-Ley have been breached, in relation to the information provided to clients on the existence and content of the Código de Buenas Prácticas, as well as, in certain cases, on the information regarding the causes of denial of requests on the documentation to be provided by the customer.

Resolution date: 26/10/2020

Sanction classification: Serious; Customer protection and transparency; Bank; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 15/07/2021

Fine imposed on Mr. Jesús Martín Sanz, director of Avalmadrid, a mutual guarantee company, amounting to forty thousand euro (€40,000), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk concentration and monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Director; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 15/07/2021

Fine imposed on Mr. Jesús Alejandro Vidart-Anchía, director of Avalmadrid, a mutual guarantee company, amounting to thirty one thousand and three hundred and fifty euro (€31,350), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Director; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 15/07/2021

Fine imposed on Mr. Fernando Rodriguez Sousa, director of Avalmadrid, a mutual guarantee company, amounting to forty seven thousand and five hundred euro (€47,500), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk concentration and monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Director; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 15/07/2021

Fine imposed on Mr. Alfonso Carcasona García, director of Avalmadrid, a mutual guarantee company, amounting to forty five thousand and six hundred euro (€45,600), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk concentration and monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Director; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 15/07/2021

Fine imposed on CEIM Confederación Empresarial de Madrid CEOE, director of Avalmadrid, a mutual guarantee company, amounting to twenty eight thousand and five hundred euro (€28,500), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk concentration and monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Director; No; Fine

Final decision

Publication date: 24/05/2021

Fine imposed on Servicios Prescriptor y Medios de Pago, E.F.C., S.A.U. (the Entity), amounting to five hundred and forty thousand euro (€540,000) — after application of the 40% reduction 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, of the type defined in Article 93(f) of said Law 10/2014 consisting in the performance of actions or operations in breach of the rules issued under Article 5 of this Law, and, specifically, in breach of Order 2899/2011 and of Banco de España Circular 5/2012.

This infringement involved the Entity’s commercial practice of linking to the loan for the purchase of goods and services the simultaneous grant of a credit line, whose use was encouraged by the Entity, although it bore little relation to the financing originally sought by the customer, in terms of manner of repayment and cost. Furthermore, in the European Standardised Information Sheet, the credit line information was mixed with the loan information

Resolution date: 28/04/2021

Sanction classification: Serious; Customer protection and transparency; Specialised lending institution; No; Fine

Final decision

Publication date: 24/05/2021

Fine imposed on Servicios Prescriptor y Medios de Pago, E.F.C., S.A.U., amounting to two hundred and seventy thousand euro (€270,000) — after application of the 40% reduction 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, of the type defined in Article 34(2) of Law 16/2011 of 24 June 2011 on consumer credit agreements, consisting in the breach of regulatory and disciplinary provisions of Law 16/2011 during the period between 1 July 2016 and 30 June 2018.

Specifically, these breaches related to the failure to deliver the pre-contractual documentation sufficiently in advance, and to shortcomings in the calculation of the annual percentage rate (APR) in the contractual documentation, given that certain fees and commissions were not included.

Resolution date: 28/04/2021

Sanction classification: Serious; Customer protection and transparency; Specialised lending institution; No; Fine

Final decision

Publication date: 24/03/2021

Fine of two thousand four hundred euro (€2,400) imposed on a shareholder of an electronic money institution, 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 an 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.

Resolution date: 28/01/2021

Sanction classification: Serious; Prudential supervision of institutions; Electronic money institution; Others; No; Fine

Final decision

Publication date: 05/03/2021

Fine imposed on CRACK 10 ASTURIAS, S.L. amounting to seventy thousand euro (€70,000), pursuant to the first paragraph of Article 97(1)(a)(2º) 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, as defined in paragraph 2 of the fourth additional provision of said Law 10/2014.

Specifically, this infringement consisted in the failure to provide the information requested by the Banco de España as part of an inspection which, in accordance with the aforementioned additional provision, was performed by the latter, following ministerial approval, in order to verify whether said company was carrying out, without authorisation, activities reserved to credit institutions.

Resolution date: 18/12/2020

Sanction classification: Very serious; Supervision of unauthorised institutions; Unauthorised entity; No; Fine

Final decision

Publication date: 05/03/2021

Secondary measure consisting in a public reprimand, with publication in the Official State Gazette, pursuant to Article 97(2)(c) of Law 10/2014 of 26 June 2014 on the regulation, supervision and solvency of credit institutions, relating to the fine imposed on CRACK 10 ASTURIAS, S.L. amounting to seventy thousand euro (€70,000), for the commission of a very serious infringement, of the type described in paragraph 2 of the fourth additional provision of said Law 10/2014.

Specifically, this infringement consisted in the failure to provide the information requested by the Banco de España as part of an inspection which, in accordance with the aforementioned additional provision, was performed by the latter, following ministerial approval, in order to verify whether said company was carrying out, without authorisation, activities reserved to credit institutions.

Resolution date: 18/12/2020

Sanction classification: Very serious; Supervision of unauthorised institutions; Unauthorised entity; No; Public warning

Final decision

Publication date: 19/02/2021

Fine imposed on IBERCAJA BANCO, S.A., amounting to one million eighty thousand euros (€1,080,000) — after the application of a reduction of 40% provided for in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government, 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, of the type defined in Article 93(f) of this latter Law, comprising the performance, between 1 January 2015 and 31 December 2017, of acts or operations in breach of rules issued under Article 5 of said Law 10/2014.

Specifically, in breach of Order 2899/2011 and of Banco de España Circular 5/2012 in relation to the provision of pre-contractual information and their content, as well as in relation to calculation of the APRC included in said pre-contractual information.

Resolution date: 18/12/2020

Sanction classification: Serious; Customer protection and transparency; Bank; No; Fine

Final decision

Publication date: 29/01/2021

Fine imposed on Austrogiros Entidad de Pago, S.A., amounting to two hundred and fifty thousand euro (€250,000), 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, of the type defined in Article 51(3) of Law 16/2009 of 13 November 2009 on payment services, comprising the failure to comply with regulatory and disciplinary rules applicable to payment institutions.

Specifically, there was a failure to comply with rules requiring payment institutions to have an  effective administration and management in Spanish territory.

Resolution date: 20/11/2020

Sanction classification: Serious; Prudential supervision of institutions; Payment institution; No; Fine

Final decision

Publication date: 29/01/2021

Fine imposed on Austrogiros Entidad de Pago, S.A., amounting to one hundred and fifty thousand euro (€150,000), 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, of the type defined in Article 93(l) of said Law 10/2014.

This infringement consisted in the failure to send, the late sending of or the sending of inaccurate financial and accounting information or information on agents, plans for returning to compliance or the shareholding structure.

Resolution date: 20/11/2020

Sanction classification: Serious; Prudential supervision of institutions; Payment institution; No; Fine

Final decision

Publication date: 29/01/2021

Fine imposed on Austrogiros Entidad de Pago, S.A., amounting to two hundred thousand euro (€200,000), pursuant to Article 97(1)(a)(2º) 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 92(d) of said Law 10/2014, comprising the failure to comply with minimum capital requirements.

Specifically, own funds stood below eighty per cent of the minimum level laid down by regulations according to the risks assumed, remaining in that situation for a period of at least six months (from at least 31 December 2014, and in particular, during the whole of the relevant period for the purposes of this proceeding, i.e. 1 January 2017 to 30 September 2018)

Resolution date: 20/11/2020

Sanction classification: Very serious; Prudential supervision of institutions; Payment institution; No; Fine

Final decision

Publication date: 29/01/2021

Fine imposed on Austrogiros Entidad de Pago, S.A., amounting to three hundred and fifty thousand euro (€350,000), pursuant to Article 97(1)(a)(2º) 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 92(g) of said Law 10/2014.

This infringement consisted of critical accounting irregularities which prevented the true balance sheet and financial position of the institution from being known.

Resolution date: 20/11/2020

Sanction classification: Very serious; Prudential supervision of institutions; Payment institution; No; Fine

Final decision

Publication date: 26/01/2021

Penalty imposed on Mr. Esteban Cordero, de facto director of Austrogiros Entidad de Pago S.A., of disqualification from serving as a director or  manager at any financial sector entity for a  period of 1 year, pursuant to Article 101(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 defined in Article 51(3) of Law 16/2009 of 13 November 2009 on payment services,  comprising the failure to comply with regulatory and disciplinary rules applicable to payment institutions.

Specifically, there was a failure to comply with rules requiring payment institutions to have an effective administration and management in Spanish territory.

Resolution date: 20/11/2020

Sanction classification: Serious; Prudential supervision of institutions; Payment institution; Others; No; Disqualification

Final decision

Publication date: 26/01/2021

Fine imposed on Mr. Esteban Cordero, de facto director of Austrogiros Entidad de Pago S.A. amounting to forty thousand euro (€40,000), 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 51(3) of Law 16/2009 of 13 November 2009 on payment services, comprising the failure to comply with regulatory and disciplinary rules applicable to payment institutions.

Specifically, there was a failure to comply with rules requiring payment institutions to have an  effective administration and management in Spanish territory.

Resolution date: 20/11/2020

Sanction classification: Serious; Prudential supervision of institutions; Payment institution; Others; No; Fine

Final decision

Publication date: 26/01/2021

Penalty imposed on Mr. Esteban Cordero, de facto director of Austrogiros Entidad de Pago S.A., of disqualification from serving as a director or manager at any financial sector entity for a period of 2 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 very serious infringement, of the type defined in Article 92(g) of said Law 10/2014.

This infringement consisted of critical accounting irregularities which prevented the true balance sheet and financial position of the institution from being known.

Resolution date: 20/11/2020

Sanction classification: Very serious; Prudential supervision of institutions; Payment institution; Others; No; Disqualification

Final decision

Publication date: 26/01/2021

Penalty imposed on Mr. Esteban Cordero, de facto director of Austrogiros Entidad de Pago S.A.,  of disqualification from serving as a director or  manager at any financial sector entity for a  period of 1 year, pursuant to Article 101(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 defined in Article 92(d) of said Law 10/2014,  comprising the failure of the institution to comply with minimum capital requirements.

Specifically, own funds stood below eighty per cent of the minimum level laid down by regulations according to the risks assumed, remaining in that situation for a period of at least six months (from at least 31 December 2014, and in particular, during the whole of the relevant period for the purposes of this proceeding, i.e. 1 January 2017 to 30 September 2018).

Resolution date: 20/11/2020

Sanction classification: Very serious; Prudential supervision of institutions; Payment institution; Others; No; Disqualification

Final decision

Publication date: 26/01/2021

Fine imposed on Mr. Esteban Cordero, de facto director of Austrogiros Entidad de Pago S.A., amounting to twenty-five thousand euro (€25,000), 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 defined in Article 92(d) of said Law 10/2014, comprising the failure of the institution to comply with minimum capital requirements.

Specifically, own funds stood below eighty per cent of the minimum level laid down by regulations according to the risks assumed, remaining in that situation for a period of at least six months (from at least 31 December 2014, and in particular, during the whole of the relevant period for the purposes of this proceeding, i.e. 1 January 2017 to 30 September 2018).

Resolution date: 20/11/2020

Sanction classification: Very serious; Prudential supervision of institutions; Payment institution; Others; No; Fine

Final decision

Publication date: 26/01/2021

Fine imposed on Mr. Esteban Cordero, de facto director of Austrogiros Entidad de Pago S.A., amounting to fifty thousand euro (€50,000), 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 defined in Article 92(g) of said Law 10/2014.

This infringement consisted of critical accounting irregularities which prevented the true balance sheet and financial position of the institution from being known.

Resolution date: 20/11/2020

Sanction classification: Very serious; Prudential supervision of institutions; Payment institution; Others; No; Fine

Final decision

Publication date: 25/01/2021

Fine imposed on CAJAMAR CAJA RURAL, Sociedad Cooperativa de Crédito,  amounting to nine hundred thousand euro (€900,000) — after the application of a reduction of 40% provided for in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government —, 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, of the type defined in Article 93(f) of said Law 10/2014, comprising the performance, between 1 January 2015 and 31 December 2017, of acts or operations in breach of rules issued under Article 5 of Law 10/2014.

Specifically, in breach of Order 2899/2011 and of Banco de España Circular 5/2012 in relation to the provision of pre-contractual information (above all, in cases of renewal), as well as their content (omission of arrangement expenses and other compulsory costs) and contractual documentation (omission of the APRC), as well as in relation to calculation of the APRC.

Resolution date: 20/11/2020

Sanction classification: Serious; Customer protection and transparency; Credit cooperative; No; Fine

Final decision

Publication date: 22/01/2021

Penalty imposed on Ms. Susana Ruiz Robles,  sole director of Austrogiros Entidad de Pago S.A., of disqualification from serving as a director or manager at any financial sector entity for a period of 1 year, pursuant to Article 101(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 defined in Article 51(3) of Law 16/2009 of 13 November 2009 on payment services, comprising the failure to comply with regulatory and disciplinary rules applicable to payment institutions.

Specifically, there was a failure to comply with rules requiring payment institutions to have an  effective administration and management in Spanish territory.

Resolution date: 20/11/2020

Sanction classification: Serious; Prudential supervision of institutions; Payment institution; Director; No; Disqualification

Final decision

Publication date: 22/01/2021

Fine imposed on Ms. Susana Ruiz Robles, sole director of Austrogiros Entidad de Pago S.A., amounting to five thousand euro (€5,000), 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 93(l) of said Law 10/2014.

This infringement consisted in the failure to send, the late sending of or the sending of inaccurate financial and accounting information or information on agents, plans for returning to compliance or the shareholding structure.

Resolution date: 20/11/2020

Sanction classification: Serious; Prudential supervision of institutions; Payment institution; Director; No; Fine

Final decision

Publication date: 22/01/2021

Fine imposed on Ms. Susana Ruiz Robles, sole director of Austrogiros Entidad de Pago S.A., amounting to five thousand euro (€5,000), 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 93(l) of said Law 10/2014.

This infringement consisted in the failure to send, the late sending of or the sending of inaccurate financial and accounting information or information on agents, plans for returning to compliance or the shareholding structure.

Resolution date: 20/11/2020

Sanction classification: Serious; Prudential supervision of institutions; Payment institution; Director; No; Fine

Final decision

Publication date: 29/12/2020

Fine imposed on  Gestión y Representación Global, S.L.U. (formerly Gesmare Sociedad Gestora, S.L., which acquired Mediación y Diagnósticos, S.A.), director of Avalmadrid, a mutual guarantee company, amounting to  forty-five thousand six hundred euro (€45,600), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk concentration and monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Director; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 14/12/2020

Fine imposed on Participaciones y Cartera de Inversión, S.L., director of Avalmadrid, a mutual guarantee company, amounting to thirty-three thousand two hundred fifty euro (€33,250), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Director; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 14/12/2020

Fine imposed on Valoración y Control, S.L., director of Avalmadrid, a mutual guarantee company, amounting to forty-two thousand seven hundred fifty euro (€42,750), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk concentration and monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Director; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 27/11/2020

Fine imposed on Mr. José María Rotellar García, director of Avalmadrid, a mutual guarantee company, amounting to eighteen thousand euro (€18,000), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk concentration and monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Director; No; Fine

Final decision

Publication date: 27/11/2020

Fine imposed on the Consejería de Economía, Empleo y Competitividad de la Comunidad de Madrid, director of Avalmadrid, a mutual guarantee company, amounting to forty-seven thousand five hundred euro (€47,500), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk concentration and monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Director; No; Fine

Final decision

Publication date: 24/11/2020

Fine imposed on Mr. Jorge Morán Santor, general director of Avalmadrid, a mutual guarantee company, amounting to fifteen thousand euro (€15,000), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Manager or similar officer; No; Fine

Final decision

Publication date: 24/11/2020

Fine imposed on Mr. Juan Iranzo Martín, director of Avalmadrid, a mutual guarantee company, amounting to four thousand euro (€4,000), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Director; No; Fine

Final decision

Publication date: 23/11/2020

Fine imposed on Mr. Pedro Irigoyen Barja, director of Avalmadrid, a mutual guarantee company, amounting to ten thousand euro (€10,000), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Director; No; Fine

Final decision

Publication date: 23/11/2020

Fine imposed on Banco Santander, S.A.,  in its capacity as universal successor of Banco Popular Español, S.A., director of Avalmadrid, a mutual guarantee company, amounting to thirty-three thousand two hundred fifty euro (€33,250), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Director; No; Fine

Final administrative decision. Currently under appeal before the courts

Publication date: 23/11/2020

Fine imposed on Mr. Juan Luis Fernández-Rubíes Lillo,  general director of Avalmadrid, a mutual guarantee company, amounting to forty-five thousand euro (€45,000), pursuant to Article 13(1)(c) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanctioning proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement, of the type defined in Article 5(r) of said Law 26/1988.

This infringement arose as the Entity failed to comply with a Banco de España requirement relating to internal control (risk concentration and monitoring).

Resolution date: 22/10/2019

Sanction classification: Serious; Prudential supervision of institutions; Mutual guarantee company; Manager or similar officer; No; Fine

Final decision

Publication date: 21/08/2020

Fine imposed on Bankinter, S.A., amounting to five million two hundred thousand euro (€5,200,000) – after application of a 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, of the type defined in Article 93(f) of said Law 10/2014, comprising the performance between 1 January 2015 and 31 December 2017, of actions or operations in breach of the rules issued under Article 5 of said law.

Specifically, Ministerial Order 2899/2011 and Banco de España Circular 5/2012 were breached in respect of the provision of pre-contractual information, the calculation of the APR included in said information and the omission of the aforementioned rate from the contractual documentation, and the expenses charged to customers for agency services.

Resolution date: 26/06/2020

Sanction classification: Serious; Customer protection and transparency; Bank; No; Fine

Final decision

Publication date: 07/08/2020

Ancillary measure consisting in a public reprimand of Astur de Hipotecas, S.L. with publication in the Official State Gazette, provided for in Article 97(2)(c) 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 defined in Article 92(a) of said Law 10/2014 that consisted of engaging without authorisation in activities legally reserved for credit institutions.

Resolution date: 11/06/2020

Sanction classification: Very serious; Supervision of unauthorised institutions; Unauthorised entity; No; Public warning

Final decision

Publication date: 07/08/2020

Fine imposed on Astur de hipotecas, S.L. amounting to one hundred and twenty thousand euro (€120,000) — after the application of the reduction of 40% established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government-, 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, as defined in Article 92(a) of said Law 10/2014.

This infringement consisted of engaging without authorisation in activities legally reserved for credit institutions.

Resolution date: 11/06/2020

Sanction classification: Very serious; Supervision of unauthorised institutions; Unauthorised entity; No; Fine

Final decision

Publication date: 07/08/2020

Fine imposed on D.ª María Ángeles González González, in her capacity as sole director of Astur de hipotecas, S.L., amounting to nine thousand euro (€9,000) — after the application of the reduction of 40% established in Article 85 of Law 39/2015 of 1 October 2015 on the common administrative procedure for general government —, pursuant to Article 100 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, as defined in Article 92(a) of said Law 10/2014.

This infringement consisted of engaging without authorisation in activities legally reserved for credit institutions.

Resolution date: 11/06/2020

Sanction classification: Very serious; Supervision of unauthorised institutions; Unauthorised entity; Director; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on BMCE Bank International, S.A. amounting to six hundred thousand euro (€600,000) — after application of a reduction of 40% established 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 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

Resolution date: 30/09/2019

Sanction classification: Very serious; Prudential supervision of institutions; Bank; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Mamoun Belghiti, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to four thousand euro (€4,000) — after application of a 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 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 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

Resolution date: 30/09/2019

Sanction classification: Very serious; Prudential supervision of institutions; Bank; Director; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Azzeddine Guessous, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to forty-four thousand euro (€44,000) — after application of a 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 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 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

Resolution date: 30/09/2019

Sanction classification: Very serious; Prudential supervision of institutions; Bank; Director; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Mamoun Belghiti, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to two thousand euro (€2,000) — after application of a 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 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 93(p) of said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

Resolution date: 30/09/2019

Sanction classification: Serious; Prudential supervision of institutions; Bank; Director; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Mohammed-Brahim Benjelloun-Touimi, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to thirty-eight thousand four hundred euro (€38,400) — after application of a 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 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 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

Resolution date: 30/09/2019

Sanction classification: Very serious; Prudential supervision of institutions; Bank; Director; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on BMCE Bank International, S.A. amounting to three hundred thousand euro (€300,000) — after application of a reduction of 40% 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, of the type defined in Article 93(p) of said Law 10/2014.

This infringement consisted of shortcomings detected in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

Resolution date: 30/09/2019

Sanction classification: Serious; Prudential supervision of institutions; Bank; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Mohamed Bennani, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to eight thousand euro (€8,000) — after application of a 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 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 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

Resolution date: 30/09/2019

Sanction classification: Very serious; Prudential supervision of institutions; Bank; Director; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Radi Mahmud Hamudeh, who held various posts at BMCE Bank International, S.A. (Director-General Manager and Chief Executive Officer), amounting to one hundred and fifty thousand euro (€150,000), 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 93(p) of said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

Resolution date: 30/09/2019

Sanction classification: Serious; Prudential supervision of institutions; Bank; Director, Director and manager or similar officer, Manager or similar officer; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Othman Benjelloun, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to twenty-nine thousand six hundred euro (€29,600) — after application of a 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 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 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

Resolution date: 30/09/2019

Sanction classification: Very serious; Prudential supervision of institutions; Bank; Director; No; Fine

Final decision

Publication date: 17/07/2020

Penalty of disqualification imposed on Mr Radi Mahmud Hamudeh, who held various posts at BMCE Bank International, S.A. (Director-General Manager and Chief Executive Officer), from serving as a director or manager at any credit institution or in the financial sector for a period of 4 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 very serious infringement, of the type defined in Article 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

Resolution date: 30/09/2019

Sanction classification: Very serious; Prudential supervision of institutions; Bank; Director, Director and manager or similar officer, Manager or similar officer; No; Disqualification

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Mohammed Agoumi, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to twenty-four thousand euro (€24,000) — after application of a 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 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 93(p) of said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

Resolution date: 30/09/2019

Sanction classification: Serious; Prudential supervision of institutions; Bank; Director; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Mohammed Agoumi, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to forty-eight thousand euro (€48,000) — after application of a 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 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 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

Resolution date: 30/09/2019

Sanction classification: Very serious; Prudential supervision of institutions; Bank; Director; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Radi Mahmud Hamudeh, who held various posts at BMCE Bank International, S.A. (Director-General Manager and Chief Executive Officer), amounting to three hundred thousand euro (€300,000), 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 defined in Article 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

Resolution date: 30/09/2019

Sanction classification: Very serious; Prudential supervision of institutions; Bank; Director, Director and manager or similar officer, Manager or similar officer; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Othman Benjelloun, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to fourteen thousand eight hundred euro (€14,800) — after application of a 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 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 93(p) of said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

Resolution date: 30/09/2019

Sanction classification: Serious; Prudential supervision of institutions; Bank; Director; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Jerónimo Páez López, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to twenty-one thousand five hundred euro (€21,500) 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 93(p) of said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

Resolution date: 30/09/2019

Sanction classification: Serious; Prudential supervision of institutions; Bank; Director; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Mohammed-Brahim Benjelloun-Touimi, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to nineteen thousand two hundred euro (€19,200) — after application of a 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 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 93(p) of said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

Resolution date: 30/09/2019

Sanction classification: Serious; Prudential supervision of institutions; Bank; Director; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Mohamed Bennani, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to four thousand euro (€4,000) — after application of a 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 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 93(p) of said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

Resolution date: 30/09/2019

Sanction classification: Serious; Prudential supervision of institutions; Bank; Director; No; Fine

Final decision

Publication date: 17/07/2020

Penalty of disqualification imposed on Mr Radi Mahmud Hamudeh, who held various posts at BMCE Bank International, S.A. (Director-General Manager and Chief Executive Officer), from serving as a director or manager at any credit institution or in the financial sector for a period of 2 years, pursuant to Article 101(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 defined in Article 93(p) of said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

Resolution date: 30/09/2019

Sanction classification: Serious; Prudential supervision of institutions; Bank; Director, Director and manager or similar officer, Manager or similar officer; No; Disqualification

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Azzeddine Guessous, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to twenty-two thousand euro (€22,000) — after application of a 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 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 93(p) of said Law 10/2014.

This infringement consisted of shortcomings detected at the aforementioned institution in its organisational structure, in its internal control mechanisms or in its administrative and accounting procedures, without said shortcomings jeopardising the solvency or viability of the institution.

Resolution date: 30/09/2019

Sanction classification: Serious; Prudential supervision of institutions; Bank; Director; No; Fine

Final decision

Publication date: 17/07/2020

Fine imposed on Mr Jerónimo Páez López, in his capacity as member of the Board of Directors of BMCE Bank International, S.A., amounting to forty-three thousand euro (€43,000) 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 defined in Article 92(w) of said Law 10/2014.

This infringement consisted of breaches detected relating to corporate governance and the remuneration policy.

Resolution date: 30/09/2019

Sanction classification: Very serious; Prudential supervision of institutions; Bank; Director; No; Fine

Final decision

Publication date: 05/03/2020