_1777352142843_145525226.png&w=64&q=75){kind=small}
Law Defines Fraud Penalties in Credit Services
Law No. 194 of 2020 issued by the Central Bank stipulates strict penalties for those who commit fraud or misinformation in the provision of credit inquiry and grading services, with the aim of facilitating access to credit. Anyone who reports false facts or conceals information with the intent to deceive shall be punished with imprisonment and a fine, with penalties ranging from imprisonment for up to a maximum term or a fine exceeding one million pounds, or both. Additionally, a fine between one hundred thousand and one million pounds is imposed on those who commit fraud or forgery in these services, and they are held financially responsible for any damages caused to the credit source. These measures underscore the importance of transparency and integrity in lending systems to enhance the stability of the banking sector and protect the rights of the involved parties.
Notice: This Is an AI-Generated Summary
Comments (0)