The Spanish Banking Association (AEB) signed today the general protocol of the Action Plan against Financial Fraud to strengthen and improve prevention and the fight against offers of potentially fraudulent products and services, which cause serious harm to investors and to the entire regulated financial sector.
Through this Plan, promoted by the National Securities Market Commission (CNMV), measures will be put in place to reduce the ability of financial fraud attempts to operate and expand, restrict the advertising of activities aimed at attracting new victims, and provide financial services customers with the tools and knowledge needed to avoid becoming a victim.
The nineteen public and private institutions that signed the Action Plan at an event chaired by the Minister of Economy, Nadia Calviño, aim to increase investor security. To this end, they will form a monitoring committee responsible for assessing new forms of fraud that may emerge and proposing new measures.
“Banks are prepared to detect and prevent financial fraud. Even so, it is important to share information among all parties involved, particularly with the public administration, as public-private cooperation is essential in this area to combat financial fraud at all stages: awareness, prevention, and prosecution of crime. The Action Plan will be a key instrument to develop and strengthen this necessary cooperation,” said AEB President Alejandra Kindelán.
Under the agreement, the participating institutions will cooperate in detecting irregular activities related to offers of financial products and services, establish information mechanisms for investors, create direct communication channels between the parties, and carry out information campaigns for the general public on the risks of fraud, among other measures.
