Fines and Penalties for Non-Compliance with Financial Regulations in San Marino Revealed

Government Takes Action to Ensure Compliance with Financial Regulations

In a bid to promote compliance with financial regulations, the government of San Marino has announced its plans to impose significant fines and penalties on individuals and businesses that fail to adhere to the rules. This move aims to ensure that all stakeholders in the financial sector are held accountable for their actions.

Agencies Responsible for Administrative Enforcement

The administrative enforcement of financial regulations will be carried out by various agencies, including:

• Comptroller of the Currency: responsible for ensuring compliance with consumer protection and fair lending regulations.
• Board of Governors of the Federal Reserve System: tasked with enforcing credit reporting regulations.
• Bureau of Consumer Financial Protection: responsible for protecting consumers from unfair lending practices.

Consequences of Non-Compliance

Individuals or businesses that fail to comply with these regulations may face:

• Civil Liability: actual and punitive damages in individual or class actions, up to $10,000 in individual actions or the lesser of $500,000 or 1 percent of the creditor’s net worth in class actions.
• Referral to the Attorney General: creditors who engage in a pattern or practice of discouraging or denying applications in violation of the regulations may face referral to the Attorney General for civil action.

Serious Consequences of Non-Compliance

The government has emphasized that failure to comply with certain regulations may result in non-compliance, which can have serious consequences for individuals and businesses.