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Old December 12th, 2017, 05:58 PM
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Default ABN AMRO ISC

Hi I would like to have the information about Netherlands Authority for the Financial Markets (AFM), fining International Card Services (ICS), a wholly-owned subsidiary of ABN AMRO?
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  #2  
Old December 13th, 2017, 10:30 AM
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Default Re: ABN AMRO ISC

The Netherlands Authority for the Financial Markets (AFM) reported that it is fining International Card Services (ICS), a wholly-owned subsidiary of ABN AMRO, for intemperate credit limits. In March 2017, ICS stepped up itself and arranged a pay anticipate the customers concerned.

The EUR 2.4 million fine identifies with inadequacies in ICS's loaning rehearses from June 2012 to March 2015. A few ICS customers were given credit restrains that were too high, for which they paid intrigue and, now and again, charges.

ICS has given its full collaboration in the AFM's examination concerning this issue and has cured the deficiencies in its administration. ICS has begun executing the remuneration design (in Dutch just) for the customers concerned, and the arrangement is continuing not surprisingly.

ICS will pay the fine forced by the AFM.

ICS in converses with AFM about errors with credit limits

Mastercard organization ICS declared that it is in chats with the Netherlands Authority for the Financial Markets ('AFM'). ICS reached the AFM to talk about various issues, incorporating botches with credit limits and past disappointments in ICS's inside procedures and IT frameworks.

Because of these issues, various ICS customers with portion design charge cards, incorporating ABN AMRO customers with Visas, have been permitted credit constrains that are too high. This does not really imply that those customers have encountered issues subsequently, in any case, and, truth be told, the mind lion's share of cardholders don't have portion designs.
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