Abn Amro Credit CardAmro credit card
Certain ICS customers received excessive credit lines for which they were paying interest and in some cases commission. The ICS has fully participated in the AFM inquiry in this case and has addressed the deficiencies in its work. The ICS has begun the implementation of the remuneration scheme (in Dutch only) for the affected customers and the scheme is going as foreseen.
Netherlands regulatory authority imposes 2.4 million fine on international card services - FinTech Frautures
Certain ICS customers received credit lines which were too high and for which they were paying interest and in some cases commission. AFM penalises International Card Services (ICS), a wholly-owned ABN Amro affiliate, for excessively high credit lines. The ICS declares in March 2017 that it has taken the lead in creating a remuneration scheme for its customers.
These fines relate to deficiencies in the credit granting practice of the Internal Control System from June 2012 to March 2015. Certain IKS customers received excessive credit lines for which they were paying interest and in some cases commission. It states that the Commission'fully participated in the AFM inquiry into the case and has rectified the deficiencies in its work.
Company has begun to implement a remuneration scheme for affected customers "as expected". The company has a credit card business of more than three million and has been in charge of Visa and Mastercard credit card issuance and operations in the Netherlands for more than 25 years.