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Sanctions For Lack Of Transparency

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This article appeared in TropicalDaily.com & ElUniversal.com.mx The original article can be read here.

El Universal Post: They sanction banks for not being transparent ??

The highest fine imposed by the Bank Of Mexico was 52 thousand pesos.

So far this year, the Bank of Mexico (Banxico) has imposed sanctions on three banking institutions for violating the Law on Transparency and Ordering of Financial Services.

Banxico explained that the infractions were applied against American Express, Bancoppel and Bancomer.

In the case of the Bancoppel company, the entity failed in the claim procedure of the credit cards, for which it paid 52,641 pesos.

BBVA Bancomer covered 47,856 pesos for not registering commissions with the information sub-department of the money market, deposits and commissions of the Bank of Mexico with at least 30 calendar days prior to its entry into force.

The American Express financial institution settled 36 thousand 848 pesos because it did not pay the resources in the accounts of the holders no later than the fourth business day following the receipt of the claim of unrecognized charges.

In addition, the Bank of Mexico applied a reprimand to BBVA Bancomer for failing to include the legend “before taxes” after the percentage value corresponding to the Total Annual Gain (GAT), for not indicating the period of validity of the offer, and for do not express the GAT in percentage terms rounded to two decimals.

Another reprimand went to the Ixe Banco company, due to inaccuracies in the credit account statements of the “Ixe Tu personal credit” product.

In the case of the Regulated Multiple Purpose Financial Institutions (also called Sofomes), the fine was applied to Banamex Cards for an amount of 26 thousand pesos to determine a minimum payment lower than that established in Circular 34/2010 on their card. of classic international credit.

He also made another reprimand to Tarjetas Banamex for issuing and delivering credit cards at home without the owner’s request.

For the Non-Regulated Sofomes, at the end of 2011, a call was made to seven financial companies, which include: Social Financial Alliance, Yeca Business Development, Efectivísimo, Fivesome de México, Crediexpress Group, Equípate Financial Company and also to Growth Solutions.

The reasons for the reprimand are due, in most cases, to failures in the Total Annual Cost (CAT) information.

In 2011, the sanctions for violations of the Transparency Law by banks or financial institutions amounted to 2 million 673 thousand 479 pesos.

The fines were applied to the following companies: Afirme, Famsa, Banco del Bajío, Inbursa, Interacciones, Invex, Banorte, Monex, Banamex, Banco Regional de Monterrey, Santander, Bansí, HSBC and Scotiabank, mainly.

In that period of time, the biggest infraction was applied to the HSBC bank for 457 thousand pesos for breaching various provisions regarding transparency.

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