CNBV sanctions platforms rejected to be considered fintech and that despite this they continued to operate like this

The National Banking and Securities Commission (CNBV) made public the first sanctions to platforms that were rejected to operate under the law to Regulate Financial Technology Institutions or fintech law, and even so they continued with the celebration of new operations despite the fact that the regulations prevent it.

In its update of the sanctions portal, the regulatory body detailed that said sanctions were for Pretailers, as well as for Mibo (True Innovation), which sought to be authorized under the terms of fintech law to operate as electronic payment fund institutions, but were rejected.

According to the registry, both sanctions, which are subject to challenge, were for 179,240 pesos each and this was for violating the eighth transitory article, in its second paragraph, of the fintech law, which indicates that those platforms rejected to obtain the endorsement of the authority must refrain from carrying out new operations and must direct the end of the existing ones.

In addition to these two infractions, the CNBV published the sanction on Albo, which was revealed a few weeks ago for operating products with cryptocurrencies, for which this platform received a fine of 9.1 million pesos.

This company disseminated information that leads to error, through the global Internet network, to carry out the operations referred to in the law to Regulate Financial Technology Institutions ”, you can read on the CNBV website on the sanction to this platform that is in the process of being authorized.

This is the second sanction applied to Albo in less than a year, since last May the regulator sanctioned it for 6.9 million pesos due to the use of the term “challenger bank” O “Neobanco” in your advertising, when these concepts are reserved only for multiple banking institutions.

Likewise, the CNBV published the sanction of 173,760 pesos for Bankaya, which is a Consubanco brand, because this word in Turkish means bank, so it violates the Credit Institutions law.

The regulator also published sanctions for Corporación Nomi Fin, as well as Es Más Remates, for using words in their advertising that are only authorized for regulated financial institutions.

The penalty for Corporación Nomi Fin was for 173,760 pesos, while that of Es Más Remates, which is the second offense in its history, was for 84,490 pesos.

With these new six violations, there are already 30 fines that the CNBV has applied to platforms related to the financial technology sector, either for violating the same fintech law or different regulations of the financial system. In total, these sanctions add up to an amount of 60.4 million pesos.