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The Bank of Albania suspends the license of 'Micro Credit Albania', the fraudulent loan collection company

2023-01-20 20:52:46Biznes SHKRUAR NGA REDAKSIA VOX

 

The Bank of Albania suspends the license of 'Micro Credit Albania',
The Bank of Albania suspends the license of 'Micro Credit Albania', the fraudulent loan collection company

 

For serious violations of regulatory supervisory requirements, the Bank of Albania has decided to suspend the license of Micro Credit Albania. The financial company has not implemented all the administrative measures imposed by the Central Bank, repeating the violations.

After an inspection in July 2020 near the entity in which violations were identified, the financial company Micro Credit said it took measures to correct the situation.

But in a second check in September 2022, the Surveillance Department noted that the measures had been partially implemented, finding the following violations:

"The subject did not classify loans in accordance with the regulation, did not classify all the exposures of a client in the same risk category, the subject did not perform a complete financial analysis on the solvency but was based on unverified self-declarations, the subject it does not have a database with complete and updated data for all its customers", states the BSH decision.

The Bank of Albania suspends the license of 'Micro Credit Albania',

The Microcredit entity has repeatedly acted in violation of regulatory requirements for a long time favoring related parties and presented to the supervisory authority an unrealistic situation of the quality of the loan portfolio. The entity did not comply with the regulatory requirements regarding the limitation of the amount of penalties.

Microcredit Albania is a financial company in the service of loans for businesses and citizens often accused of fraud.


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