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Fine for Mr Bak for de facto handling of unlawful providing of pay day loans

Fine for Mr Bak for de facto handling of unlawful providing of pay day loans

Holland Authority for the Financial Markets (AFM) has imposed an administrative fine of €100,000 on Mr R.J. Bak of Rotterdam on 5 December 2013. The fine is imposed because within the duration from might 2011 to March 2013 Mr Bak ended up being the de facto manager during the committal of an offense by the pay day loan provider BA Finance B.V. this provider had not acquired a licence through the AFM because it ended up being necessary to achieve this. (mais…)

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