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Netherlands regulatory authority imposes 2.4 million fine on international card services - FinTech Frautures
Certain ICS customers received too high loan lines 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 overdrafts. The ICS declares in March 2017 that it has taken the lead in creating a remuneration scheme for its customers.
Certain ICS customers received excessive lines of credit for which they were paying interest and, in some cases, commission. Company has begun to implement a remuneration scheme for affected customers "as expected". The company has a more than three million card product range and has been in charge of Visa and Mastercard card issuance and operations in the Netherlands for more than 25 years.
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" "To put our new initiatives into practice, we needed special payment know-how and foresighted thought in retailing.
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Entities providing those types of entity that offer those types of entity which facilitate the establishment, settlement or modification of title to cash and other pecuniary resources. Consists of credit-related service, investments-related service, supervisory service, investments bank, all other bank, insurer, central bank and currency authority, and broker. Enterprises providing investmentbanking related securities financing activities such as asset management, advice, mergers as well as restructurings.
Enterprises that administer and reinvest the funds/assets of enterprises and private persons. Our service includes managing investment portfolios that bundle the funds/assets of a number of different clients (e.g. investment funds) and/or managing portfolios that bundle the funds/assets of a number of high-profile clients. Enterprises specialising in the creation and administration of equity and investment trusts for other enterprises or people.
Among them are enterprises offering financial advisory in the areas of securities and commodities broking, as well as in the areas of private equity, securities and investment banking. Enterprises that invests and manages pool assets on account of corporations and private persons for fees, as well as enterprises that offer them related goods and related service. This sector comprises investment trusts and investment trusts.
Enterprises that raise money through the acceptance of contributions and direct it into the credit business. Businesses also offer money lender facilitation related business support facilities such as mortgages and credit intermediation as well as clearing and standby clearing, cheque collection and other bank transactions such as the provision of an ATM. Enterprises that receive and hold deposit money from private persons, corporations and government and use a proportion of these deposit money to generate interest by granting credit and owning security.