The Executive Board of the National Bank of Moldova imposed a fine of over 362,000 lei on the commercial bank “Banca de Finante si Comert” SA (FinComBank) and reprimanded the members of the bank’s Board that managed he bank in the period of the inspection, IPN reports.
The National Bank said the decision was taken as a result of a comprehensive inspection carried out at the bank, during which the violations were identified.
The bank didn’t meet requirements set down in the Law on Financial Institutions and other normative documents of the National Bank concerning the classification of assets/conditional commitments, concentration risk, lending, transactions with persons affiliated to the bank, internal control system and administration framework. This also didn’t obey the legislation on the prevention and combating of money laundering and terrorism financing, currency regulation, payment services and systems.
