The National Banking and Securities Commission (CNBV) applied 11 fines to American Express for an amount of more than 7.9 million pesos for various internal administrative errors. In its update of sanctions to the month of May, the regulator specified that the financial institution violated obligations related to credit processes, as well as its accumulation of reserves and portfolio rating.
“It presented control deficiencies in the preparation of manual policies in the intercompany accounting process and inconsistencies in financial information, and implementation of corrective actions not attended in a timely manner.”, highlighted the Commission.
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DOf the 11 fines registered in the last month, at least a couple of them were for two million 418 thousand pesos each. On the other hand, during the last month, at CNBV it also applied three sanctions to Scotiabank México for a joint amount of five million 194 thousand 500 pesos also for internal errors.
One of the reprimands were for not complying with the obligations related to the portfolio rating and preventive reserves. Likewise, the bank did not comply with its liquidity coverage obligations, as well as internal control deficiencies.
Other banks that were fined in the last month they were Citibanamex, owned by Manuel Romo Villafuerte, for 241,800 pesos, and Santander, for 268 thousand 860 pesos. The error of both institutions was not presenting their documentation within the deadlines established by the CNBV.
In sum, all the sanctions applied during May to the banks were for 16 million 278 thousand 248 pesos, the equivalent of almost 83 percent of all fines applied by the financial authority.
Other institutions that were fined in this period were exchange centers, multiple purpose financial companies, as well as credit unions, which together represented two million 639 thousand 678 pesos.
The records of the body headed by Jesús de la Fuente indicate that the fines can be challenged, that is, financial institutions have the possibility of justifying their actions and demonstrating whether or not they committed a mistake.
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Under this mechanism, they can also get a discount from the financial regulator if they pay their violations on time.
The sanctions that are collected are channeled to the Treasury of the Federation by the CNBV, the Tax Administration Service (SAT) or by the Bank of Mexico (Banxico). The sanctions committed by the rest of the financial institutions are also related to administrative errors, late delivery of regulatory documentation, or failure to report shareholder movements to the CNBV.
2023-05-18 10:38:22
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