Which banks were sanctioned?
HSBC Mexico was punished with 5 fines that together amount to 8.86 million pesos. The CNBV reported that they were for failing to comply with the liquidity coefficients set by law, in 2019, and for not adhering to the portfolio rating methodology and preventive reserves, in 2018.
The bank was also accused of failing to set aside reserves for its non-performing loan portfolio and deficiencies in its internal control.
Banorte In June, it received 20 fines that together amount to 5.05 million pesos. The reasons were for not delivering the information required by the regulator on time, the bank’s defaults occurred in 2018 and 2019.
scotiabank received 4 sanctions for 3.53 million pesos. The fines occurred because in 2019 the bank did not deliver information to the regulator on time.
The CNBV reported 4 fines to autofinish for 2.9 million pesos because in 2017 it registered deficiencies in Internal Control and non-compliance in preventive reserves.
InbursaCarlos Slim’s bank, was fined 9 times for 2.28 million pesos for not delivering the information requested by the regulator on time.
Citibanamex Y bancoppel received sanctions for 837,000 pesos and 708,740 pesos, respectively. In the case of BanCoppel, it did not submit the check operations report on time during the third quarter of 2021 and for not notifying the appointment of its officials in the established terms.
Mifel, the bank chaired by Daniel Becker, current president of the Association of Banks of Mexico, was fined 529,509 pesos for deficiencies in internal control. For BBVA Mexico and to Banco Compartamosthe fines were 241,800 pesos and 422,450 pesos, respectively.
The rating agency S&P among those sanctioned
Standard and Poor’s (S&P) was sanctioned with 806,000 pesos because its contracts “lack mechanisms for clients to request clarification on the assigned ratings, as well as the minimum terms they have for this purpose”, in 2018.
