Financial Crime World

Financial Regulator Imposes Penalties on Pecunia Cards E.D.E., S.L. Directors

Madrid, January 19, 2024 - The financial regulator has taken decisive action against three directors of Pecunia Cards E.D.E., S.L., a Spanish electronic money institution.

Reasons for the Penalties

The penalties were imposed due to serious infringements committed by the directors. These include:

  • Insufficient Capital Coverage: Mr. José Ramón Monreal Domec, director of Pecunia Cards E.D.E., S.L., was found to have failed to ensure sufficient coverage of the institution’s capital requirements.
  • Organizational and Disciplinary Rule Violations: Mr. Antonio Bernardo García Cruz was penalized for failing to comply with organizational and disciplinary rules set out in Law 21/2011.
  • Recurring Infringements: A third director received two penalties: a fine of €20,000 and disqualification for three years from serving as a director or manager at any electronic money institution or in the financial sector.

Sanctions

The regulator imposed the following sanctions:

  • Disqualification: Mr. Monreal Domec was disqualified for two years from serving as a director or manager at any electronic money institution or in the financial sector.
  • Disqualification and Removal: Mr. Bernardo García Cruz was disqualified for one year from serving as a director or manager at any electronic money institution or in the financial sector, and removed from his current directorship.
  • Fine and Disqualification: The third director received a fine of €20,000 and was disqualified for three years from serving as a director or manager at any electronic money institution or in the financial sector.

Regulatory Objectives

The regulator’s sanctions aim to:

  • Ensure the stability of the financial system
  • Protect consumers by enforcing compliance with laws and regulations

Corrective Measures

Pecunia Cards E.D.E., S.L. has been ordered to take corrective measures to address the deficiencies found during the investigation. The regulator will closely monitor the institution’s progress in implementing these measures.

Public Access to the Decision

The full text of the regulator’s decision is available on its website.