The Financial Market Authority informs about the sanction proceedings against the Spanish e-money institution Pecunia Cards E.D.E., S.L., in which four serious sanctions were imposed on the institution due to multiple violations of Spanish regulations:
- 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.
- Infringement for having 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.
- Infringement regarding breaches related to contractual information, interruption in the provision of services and undue collection of fees.
- Infringement for having failed to comply the rules relating to guaranteeing and safeguarding the funds received from customers and relating to fees and commissions.
Further information is available on the Banco de España’s website: https://www.bde.es/wbe/en/entidades-profesionales/supervisadas/sanciones-impuestas-banco-espana/