CNBV fines banks for providing incomplete information

Thousands of Mexicans have savings or credit accounts at one of the various banks in the country and the National Commission for Banks and Securities (CNBV), announced on July 15 dozens of fines towards about 10 banks in the country. In the same way for Standard and Poor’s (S&P) credit risk rating company.

Fines amount to about 25.91 million pesos, among banking institutions HSBC, Banorte, Scotiabank, BBVA Mexico and S&P. After that we tell you the reasons for these fines and the amount of each bank.

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Reasons for fining banks

Among the reasons for fining banks are failure to provide requested information to CNBV, non-compliance with safeguards and Standard and Poor for lack of mechanisms when users request clarification.

What banks were fined and what was the penalty?

  • HSBC Mexico: She received 5 fines totaling 8.86 million pesos, for failing to comply with liquidity transactions by law and not creating reserves for her overdue portfolio.
  • my panorty: He was sentenced to 20 fines of approximately 5.05 million pesos, for failing to provide information to CNBV in the time required between 2018 and 2019.
  • Scotiabank: 4 penalties of up to 3.53 million pesos since 2019 for not providing the information requested by the institution to the National Authority for Banks and Securities.
  • Inbursa: To the bank of businessman Carlos Slim, he received 9 fines of about 2.28 million pesos, for failing to provide the corresponding information.
  • Citibanamex: He was punished by about 873,000 pesos.
  • BanCoppel: With fines of 708,740 thousand pesos for not submitting to the CNBV report on check operations in the third quarter of 2021.
  • Mifil: A banking institution owned by Daniel Becker, president of the Mexican Banks Association, this bank was fined 529,509 pesos for deficiencies in internal control.
  • BBVA Mexico: His penalty was 241,800 pesos.

While Standard and Poor’s credit risk rating: a fine of 806,000 pesos, because the institution’s contracts “lack mechanisms for clients to request clarification on the ratings assigned to them, as well as the minimum conditions they have to finish”, this is in 2018.

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