Regulatory Alerts2021-04-06 | CD-SIBOIF-1240-1-ABR06-2021Norma on Imposition of Sanctions for Non-Compliance in Matters of Transparency and Protection of Clients and/or Users of Financial Services
The Superintendence of Banks and Other Financial Institutions of Nicaragua issued Resolution CD-SIBOIF-1240-1-ABR06-2021 to establish specific administrative sanctions for financial institutions violating transparency and consumer protection regulations. The regulation defines three tiers of infractions—light, serious, and very serious—with corresponding fines ranging from 1 to 550 measurement units, while detailing specific violations such as inadequate disclosure, unauthorized contract modifications, and failure to address client complaints. It further establishes the criteria and parameters for the Superintendent to apply and grade these sanctions based on aggravating and mitigating circumstances.
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