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Moldova's central bank imposes sanctions on EuroCreditBank

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Moldova's central bank imposes sanctions on EuroCreditBank

The Moldovan central bank applied warning sanctions against Banca Comerciala EuroCreditBank SA, the regulator said June 15.

The decision was made following a comprehensive inspection of the lender, during which the regulator identified a number of violations of the country's financial institutions legislation, the central bank's normative acts and the law countering money laundering and financing of terrorism. In particular, the lender failed to comply with prudential standards relating to lending, risk concentration, asset classification and ownership structure transparency.

Despite the sanctions, the lender operates normally and provides the full range of financial services, the Banca Nationala a Moldovei noted.