Bank of Portugal issues over €10m in fines

By TPN/Lusa, in News · 24-04-2019 08:42:00 · 0 Comments
Bank of Portugal issues over €10m in fines

The Bank of Portugal issued fines over €10 million in the first three months of this year, regarding misdemeanour cases

According to the information, as released by the regulator and banking supervisor in the overview of sanctioning activity, there were 20 misdemeanour cases decided in the first quarter, and “fines totalling €10,103,500.00 were applied.”

Of the amount issued, €163,000 are “suspended,” said the entity led by Carlos Costa.

Of the 20 cases, 12 were for behavioural offences (conduct of financial entities in marketing of banking products and services), five for infringements of prudential nature (related to financial stability of institutions and security of the funds entrusted), two for infringements of duties relating to the prevention of money laundering and terrorist financing and one concerning illicit financial activity.

Also, between January and March, the Bank of Portugal established 19 misdemeanour cases.

Portugal’s central bank imposed a €1.25 million fine to Tomás Correia due to wrongdoing when he was the chairman of Montepio bank.

The Bank of Portugal has found Tomás Correia along with seven former board members from Montepio bank, and the institution itself guilty of irregularities in granting credit and levied heavy fines.

The bank was sentenced to pay €2.5 million.


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