08182017Headline:
5 Green Reasons Costa Rica Is the Poster Child of the Environment 4 years ago
Have You Tried Guanacaste’s Fastest Growing Sport? 4 years ago
Was Your Costa Rican Bank Account Closed? 4 years ago
Latin America Investment News on Viva Tropical

Bank of Mexico Imposing Fines on Banks Lacking Transparency

Article Summary:

So far this year, the Bank of Mexico (Banxico) imposed sanctions on three banking institutions for failing to comply with the Law of Transparency and Regulation of Financial Services. The largest fine was $52,000.

Original Article Text From El Universal via Google Translate :

Penalize Banks for Not Being “Transparent”

The largest fine imposed by the Bank of Mexico was 52 thousand dollars
So far this year, the Bank of Mexico (Banxico) imposed sanctions on three banking institutions for failing to comply with the Law of Transparency and Regulation of Financial Services.

The Banxico explained that the offenses were applied against firms American Express, Bancoppel and Bancomer.

For Bancoppel company, the entity failed in the grievance procedure of credit cards, so he paid 52 thousand 641 pesos.

BBVA Bancomer covered 47 000 856 pesos for not recording fees to the assistant manager of money market information, recruitment and commissions of the Bank of Mexico with at least 30 calendar days prior to its entry into force.

The financial institution ended American Express 848 36 000 pesos because resources did not pay into the accounts of the holders no later than the fourth business day following receipt of the claim for charges not recognized.

In addition, the Bank of Mexico implemented a warning to BBVA Bancomer not to include the words “before taxes” after the percentage value that corresponds to the Total Annual Income (GAT), not to indicate the period of validity of the offer, and not express the GAT as a percentage rounded to two decimal places.

Another warning was for the company IXE Banco, because there are inaccuracies in the statements of the product claims “You Ixe personal credit.”

In the case of the Multiple Purpose Financial Companies Regulated (also called Sofomes), the fine is applied to Banamex card in the amount of 26 thousand dollars to determine a lower minimum payment set out in Circular 34/2010 on your card international classic credit.

He also made another warning to issue cards for Banamex credit card and deliver at home without the request of the holder.

For Non-Regulated Sofomes at the end of 2011, it was a warning to seven financial companies, among which include: Social Finance Alliance, Business Development YECA, Efectivísimo, fivesome of Mexico, Grupo Crediexpress, Equip Finance Corporation and also solutions of growth.

The reasons for the warning should, in most cases, information failures Total Annual Cost (CAT).

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

The fines were applied to the following companies: Affirm, Famsa, Banco del Bajio, Inbursa, Interactions, Invex, Banorte, Monex, Banamex, Banco Regional de Monterrey, Santander, Bansi, HSBC and Scotiabank, mainly.

At that time, the greater offense was applied to HSBC by 457 thousand dollars for violating various provisions on transparency

Link to Original Article:

From El Universal

Latin America Investment News on Viva Tropical