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.
Netherlands regulatory authority imposes fine on ABN Amro for weak loan position
AFM today announces that it has fined International Card Services (ICS), a fullyowned subsidiary of ABN AMRO, for exceeding ABN AMRO's bank limit. The ICS itself took the lead in March 2017 and drew up a remuneration scheme for the affected customers. 2,4 million refers to deficiencies in the ICS' practice of granting loans from June 2012 to March 2015.
Certain ICS customers received excessive lines of credit 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 beats ABN Amros ticket deal with ? 2.4 million fines.
AFM has fined International Card Services (ICS), a wholly-owned ABN Amro affiliate, 2.4 million for making available excess loan lines to its customers. Certain ICS customers were granted excessively high loan lines for which they were paying interest and partial commission.
Internationally Card Services operates a more than three million card business and has been providing and managing Visa and MasterCard in the Netherlands for over 25 years.