The Board of the Financial and Capital Market Commission (FCMC) has decided to issue a warning to AS “NORVIK BANKA” for violation of the provisions of the Credit Institution Law regarding the crediting process.
In the discharge of its supervisory functions, the FCMC imposed specific requirements on the Bank for crediting, and additional requirements for reporting to the FCMC.
However, in 2015 the Bank had performed a transaction in breach of reporting requirements set by the FCMC.
In decision-taking on the applicable sanction, the FCMC took into consideration that it was a temporary non-performance that had no adverse impact on the Bank’s performance; therefore a proportionate measure in this case would be to issue a warning to the Bank.
The Bank may contest the FCMC decision or appeal it to the Regional Court within one month.
Public Relations Specialist
Financial and Capital Market Commission
Phone +371 67774860,