A nonbank payment service provider was fined for violating provisions of the law on payment services and the electronic coin and of regulations of the central bank. A decision to this effect was taken by the Executive Board of the National Bank of Moldova, IPN reports.

According to the NBM, the provider didn’t respect the requirements concerning the internal control mechanisms, registration of funds received from users of payment services, assessment of risks related to the performed activities, updating of information that needs to be presented to the central bank. It also violated prescriptions issued earlier by the Executive Board of the NBM.

The fine totals 58,500 lei and is to be paid into the state budget.