BBVA faces a fine of 12 million pesos for countrywide failure

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The CNBV asked the largest bank in the country by number of clients to report Sunday’s failure

The Commission Nacional Bancaria y de Valores ( CNBV ) and asked the bank BBVA the report the general failure which was last Sunday when their ATMsmobile application and payment systems card stopped working.

Although the process is still in its initial stages, sources close to the investigation told El Sol de México that the largest bank in the country by number of clients could receive a sanction of up to 12 million pesos, because it does not have a alternate server and was unable to restore its service in less than 60 minutes, as required by law .

The sanction would be similar to the one received by the Mexican Stock Exchange on October 9 of last year, when it interrupted its operation around 11:00 in the morning and did not reactivate it until the next day’s session.

The sources consulted by this newspaper indicated that the sanction could be more serious considering that bank failures are “recurring” every fortnight, even when they have also been presented by digital updates.

They also indicated that at the least each quarter the bank makes updates on their servers to enhance security of the data or to ensure its functioning in times of high demand.

On Monday, BBVA Mexico stated that the problems in the bank’s operation were caused by an ” internal error ” when updating the systems .

The updates began between 1 and 3 in the morning on Sunday, but they were not applied correctly and caused a collapse in the bank’s operations until 9:00 p.m., for which BBVA left its clients without service for 20 hours.

“We wanted to prevent ourselves, because a holiday and the biggest celebration season of the year is approaching, where there are a large number of transactions,” said Jorge Terrazas, director of Communication and Corporate Identity at BBVA.

The CNBV pointed out that the time it takes to impose the fine or sanction will depend on how long the bank and the commission take to collect all the data.

Source: elsoldemexico.com.mx

Mexico Daily Post