Pursuant to the Ordinance of the National Commission of financial market (C.N.P.F.) No. 37/9 from 22.07.20161 and Order the Vice President C.N.P.F. nr. 42 from 25.07.2016, was performed a complex control regarding compliance with legislation in the field of savings and loan associations by A.E.Î. "BUSINESS CREDIT" (city of Căușeni, Mihai Eminescu Street 17, 46, on WHOSE BEHALF of. 1004608000205) for the period of activity 01.08.2013-31.07.2016, which holds the license of category B NCFM series No. 000509, issued to date, 15.05.2009 were found the following.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1 "Monitorul Oficial" of the Republic of Moldova, by 2016. 247-255, art. According to reports, 1267 A.E.Î. "BUSINESS CREDIT" (hereinafter the Association) has registered the following indicators of basic features of the activity of savings and loan associations, which are presented in the table below: (in MDL thou.)









Nr.





Indicators





31.07.2015





31.07.2016





Towards 2016, 2015 (-, +)





Towards 2016, 2015 (%)









1.





Loans granted





1855.4





2150.6





+ 295.2





115.9









2.





Provision for losses on loan





-296.3





-406.7





+ 110.4





137.3









3.





Total assets





2184.9





2438.2





+ 253.3





111.6









4.





Savings deposits





1436.9





1872.9





+ 436.0





130.3









5.





Net profit (net loss)





25.6





-81.3





-106.9





Write-down of around 4.2 times









6.





Own funds





709.2





498.5





-210.7





70.3











From the data table shows the majority of indicators are registered growth, particularly loans with 15.9% and savings deposits with 30.3 percent share in total assets constitute 88.2 percent respectively, 76.8%. Any reduction in net profit of around 4.2 times is caused by inefficient management of operational activity of the Association, which reflected negatively on equity, given that all the loans are due in savings deposits of members of the Association.
The accounting officer of the Association in Office during the period 02.01.2013-08.03.2016 have not complied with the requirements laid down in article 21. 12(3). (1) and paragraph 1. (2) of the law on savings and loan associations no. 139-XVI from 21.06.20072 (hereinafter-law No. 139-XVI from 21.06.2007), item 5, item 9 and item 36 of the implementing regulation with regard to the exigencies of the administrators of savings and loan associations, approved by the decision of the National Commission of Financial Market nr. 63/6 of 25.12.20073 (hereinafter-the regulation on requirements), and the powers of the acting cabinet-without holding the certificate of qualification issued by C.N.P.F. and without being confirmed by the C.N.P.F. Furthermore, contrary to the abovementioned provisions, 2 members of the Council 1 member of the Audit Committee, elected at the general meeting of the members of 13.03.2016 repeated, until now they have not been confirmed in Office by the C.N.P.F. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 2 Official Gazette of the Republic of Moldova , 2007, nr. 112-117, art. 506 3 Official Gazette of the Republic of Moldova, 2008, nr. 37-39, art. 90 of appropriate materials control reveals cases hold admission of accounting of the Association by the Chairman of the Audit Commission, and thus violated article. 12(3). (3) (a). a), art. 44 of law No. 139-XVI from 21.06.2007, article. 13(2). (3) (a). a) and subparagraph (c). b), art. 36 para. (1) (a). c), art. 39, art. 44 of the Act on accounting No. 113-XVI from 27.04.20074 (hereinafter-the law No. 113-XVI of 27.04.2007) point 1 of the accounting policies of the Association and the employment contract No. 3 of 02.01.2013. At the same time, under precitate is found the existence of conflict of interest in the work of the Association in accordance with art. 13 of law No. 139-XVI from 21.06.2007 and art. 190 of the civil code of the Republic of Moldova5, especially the image of objectivity of the checks carried out in accordance with article 5. 43 para. (1) paragraphs 1 and 2. (4), para. (5), para. (8) and paragraph 3. (10) of law No. 139-XVI from 21.06.2007 by the auditing Commission, with the participation of the Chairman of the Audit Committee. Thus, deviations have been found related accounting elements reflected in the books and those of the financial statements and reports for 2014 and January-February 2015, which were not presented in the reports of the Audit Commission for the periods in question. Also in the abovementioned cases the President of the Audit Committee has received payment in advance of the contract of deposit interest savings, and thus violated the requirements of item 28 of the policy for acceptance of savings deposits for the year 2014 and section 4 of the savings deposit contract No. 12/13 from 28.11.2013. Renting out article. 19 para. (1) and paragraphs 1 and 2. (12) of law No. 113-XVI from 27.04.2007, point 13 and point 14 of the rules for conducting operations in the national economy of the Republic of Moldova, approved through Government Decision No. 764 from 25.11.19926 (hereinafter-Rules for transactions), cashing in the cashier payment îndemnizației annual Board members and members of the Audit Commission worth about 18.7 thousand lei was carried out personally by the Chairman of the Audit Commission by issuing payment provision that has not been signed by the Executive Director and the Chief Accountant of the Association. The Chairman of the Audit Commission has not assured keeping confidenţialității personal data of members of the Association which has come to their knowledge in the exercise of his functions, revealing the process within the General Assembly of the members of 13.03.2016 repeated the names of depositors of the savings association, you are thus violated the provisions of law No. 133 from 08.07.2011 "concerning the protection of personal data" and article 7. 14. (1) of law No. 139-XVI from 21.06.2007.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 4 Republished in the Official Gazette of the Republic of Moldova, 2014. 27-34, art. 61 5 Official Journal of the Republic of Moldova, 2002, nr. 82-86, art. 661 6 Monitorul Oficial al Republicii Moldova, 1992, nr. 11, art. 351 7 Official Gazette of the Republic of Moldova, 2011, no. 170-175, art. 492 renting out article. 40 para. (2) (a). c), art. 42 para. (2) and paragraphs 1 and 2. (4) of law No. 139-XVI from 21.06.2007, item 6 and item 9 of the policies for the acceptance of savings deposits for the years 2013-2015, Executive Director of the Association of concluded contracts of savings deposits at the time of 23.09.2013 and 27.03.2014 with the Vice-President of the Council on accepting savings totalling approximately 400.0 thousands lei by the Council prior to the adoption of these decisions. Contrary to the requirements of item 38 on the rules of financial prudence to savings and loan associations, approved by Resolution No. C.N.P.F. 17/8 of 30.04.20088 (hereinafter-the rules of financial prudence) and art. 29, point 3 (a). b) of the Statute, the Council of Association adopted at the time of 05.10.2013, 01.02.2014, 30.03.2014 and 11.06.2015 decisions on the conclusion of transactions with the Vice-President of the Council, who, being the person sponsoring Association, was present during the sessions during the discussions and the adoption of decisions concerning the acceptance of savings deposits concerned.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 8 Monitorul Oficial of the Republic of Moldova, 2008, nr. 131-133, art. 381


Contrary to the provisions of article 7. "". (2) (a). d) of law No. 139-XVI from 21.06.2007, has not ensured the principle of equal access of the members to the services of the Association in relation to the Vice-President of the Council. Thus, it has benefited from a more favorable interest rate related personal savings deposits than that established for other members, and took advantage of the full amount of interest in the case of early withdrawal of savings deposits and payment of interest after the expiry of the contract of deposit savings, and thus violated the provisions of the contracts of the corresponding savings deposits 41, item and item 43 policy on accepting savings deposits and point 40 of the rules of financial prudence.
Contrary to the requirements of art. 9 para. (2) (a). b), art. 44 para. (1) of law No. 139-XVI from 21.06.2007, article. 18 lit. a), art. 23 para. (1) and paragraph 1. (6), art. 29 para. (6) of law No. 113-XVI from 27.04.2007, financial statements and reports of the Association during the period 31.01.2014-29.02.2016 does not reflect the real picture and faithful accounting elements, allowing for cases in which the data on loans and interest thereon, savings deposits accepted and afferent, provisions for loans and for interest, other income from interest rates do not match the values entered in the accounting ledgers binding that served as a basis for drawing up the reports in question. Also during that period were not complied with the provisions of item 58 of the national accounting standard no. 63 "disclosure in the financial statements of savings and loan associations and other similar institutions", approved by order of the Minister of Finance No. 89 from 28.10.20029, according to which, in the case of the non-reimbursed these had to be settled at the expense of provisions constituted to cover losses relating to loans and subsequently recorded in accounts extrabilanțiere, being thus misinformed users concerned on the effectiveness of the granting of loans and the impact of their financial situation and results of activity of the Association. At the same time, as a result of failure to meet the requirements of point 37 from Prudential Financial Rules, the situation in the 31.07.2016 Association has not accounted on the accounts liabilities loans and afferent classified "compromised" in the amount of approximately 392.1 thousand lei.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ * in the Editorial Board of the force during the period of carrying out of control 9 Monitorul Oficial al Republicii Moldova, 2002, nr. 151-153, art. 354 contrary to the provisions of point 7 of the rules of financial prudence, in the period 31.08.2013-31.08.2014, 31.10.2014-30.04.2015, 30.06.2015-31.10.2015 and 31.07.2016-total value 31.12.2015 Trading Association's membership has exceeded the size of 20 percent of the reserve.
     _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ * in the Editorial Board of the force during the period of inspection Managers Association have not ensured compliance with pсt requirements. 36 from Prudential Financial Rules, being found 27 cases in which the Association has not been addressed in court for the repayment of loans and related interest overdue more than 90 days in the amount of approximately 347.3 thousand lei.
  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ * in the Editorial Board of the force during the period of carrying out of control during the period of supervision of the Association admitted cases of cash from members, in various periods, the savings deposits totaling approximately 1934.4 thousand lei, while the share of loans and related interest overdue more than 30 days in total loan portfolio represented over 5.0 percent , and savings deposits exceeded the value of institutional double and thus violated the requirements of Decision No. C.N.P.F. 20/3 of order stromectol no prescription "about the results of examination and analysis of data from the financial reports of savings and loan associations for 2009 ' 10 (repealed in 21.10.2016), paragraph 3 and paragraph 4 of Resolution No. C.N.P.F. 41/1 of 19.10.2012 "on the results of the thematic control regarding compliance with legislation in the field of savings and loan associations by the" BUSINESS CREDIT "A.E.Î." 11.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 10 official Gazette of the Republic of Moldova, 2010, nr. 83-84, art. official Gazette 314 11, 2012. 229-233, art. Association Executive Director 1289 not satisfied making the inventory of Heritage Association for supervision period, and thus violated article. 13(2). (2) (a). e) and art. 24 para. (1) of law No. 113-XVI from 27.04.2007.
Contrary to the provisions of point 29 of the rules for the operations, were not complied with requirements concerning the fitting of the cashier, special room and missing, intended for the receipt of the grant of provisional and cash preservation. In late 2013, 2014 and 2015, in maşinogramele "attached Worksheet in the workbook" general number of sheets, for a year was not confirmed by the signatures of the driver and the accounting officer of the Association and no records were sealed, and thus violated the requirements of item 25 of the rules for the conduct of operations.
As the reporting entity, the Association has not elaborated and approved its own programme on preventing and combating money laundering and terrorist financing, as well as failed to appoint a responsible person vested with powers of enforcement of legal provisions and insurance policies and procedures reporting entity in accordance with the requirements and regulations in the field of money laundering and terrorist financing, which runs counter to the requirements of art. 9 para. (2) and paragraphs 1 and 2. (3) of law No. 190-XVI of 26.07.2007 on preventing and combating money laundering and financing of terrorism "(hereinafter-the law 190-XVI of 26.07.2007) and regulations on measures to prevent and combat money laundering and terrorist financing on non-banking financial market, approved by Resolution No. C.N.P.F. 49/14 from 21.10.201113 (hereinafter-the regulation concerning measures to prevent and combat money laundering and terrorist financing). Contrary to the requirements of art. 7 para. (1) of law No. 190-XVI of 26.07.2007 and point 46 para. (1) of the regulation on the measures to prevent and combat money laundering and terrorist financing, the Executive Director of the Association has not assured keeping registry of identified individuals and businesses. Renting out the requirements of art. 8 para. (2) of law No. 190-XVI of 26.07.2007 and item 531 of regulation concerning measures to prevent and combat money laundering and terrorist financing, transaction related data 12 acceptance/reimbursement of savings deposits in cash through an operation worth more than 100.0 thousand lei in different periods, were not delivered Service preventing and combating money laundering, and 3 data transactions have been remise Service preventing and combating money laundering in violation of the deadline set by law.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 12 Monitorul Oficial of the Republic of Moldova, 2007, nr. 141-147, art. 597 13 Official Gazette of the Republic of Moldova, 2012. 206-215, art. in 1820 the aforesaid, by virtue of art. 1, art. 3, art. 4, art. 8 lit. (b)). f) and subparagraph (c). t), art. 9 para. (1) (a). (d)). j) and lit. r), art. 22 paragraph 1. (3), art. 25 para. (2) of law No. 192-XIV of 12.11.1998 "Concerning the National Commission for financial market" 14, art. 9 para. (2) (a). e), art. 46 para. (1) paragraphs 1 and 2. (2) and paragraphs 1 and 2. (5), art. 49 para. (1) (a). a) and subparagraph (c). (c)), para. (2) (a). g) of savings and loan associations no. 139-XVI from 21.06.2007, Prudential Financial Rules of savings and loan associations, section 53 of the implementing regulation with regard to the requirements towards administrators of savings and loan associations, _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 14 Republished in the Official Gazette of the Republic of Moldova, 2007, nr. 117-126 BIS NATIONAL COMMISSION of financial market DECIDES: 1. it initiates the procedure for the contravention of Executive Director, Chief Accountant in the financial year up to the date of 08.03.2016, members of the Council and of the members of the Audit Commission you A.E.Î. "BUSINESS CREDIT CARDS" under the code of administrative offences of the Republic of Moldova.
2. confirmation retreats as stewards A.E.Î. "BUSINESS CREDIT" and shall be released from their Audit Committee Chairman.
3. Warn administrators A.E.Î. "BUSINESS CREDIT" unconditional respect for consensus of the legislative and normative acts and shall prescribe the following:-the necessary measures undertaking for the purpose of elimination of infringements in the control result within 6 months from the date of entry into force of this judgment;
-amend policy of providing loans for the purpose of delegation members of the tasks of monitoring monthly loans and ensuring their repayment period;

-convening of the general meeting of members with a view to adopting a decision concerning the liability of Directors for violations discovered, including admission to the inclusion on the agenda of the General Assembly to matters concerning the termination of the powers of the Board members and the Audit Commission and the election of the new composition.
4. takes note of the submission with the date of 12.08.2016, 09.11.2016, 29.11.2016 and 30.11.2016 Service preventing and combating of money laundering relating to the transaction data under the law of 12 unreported on combating money laundering and terrorist financing.
5. A.E.Î. "BUSINESS CREDIT" will present monthly National Commission of financial market reports on measures taken to enforce the section 3, with the annexation of children supporting documents.
6. control of the execution of the given decision is put in charge of the Directorate-General for collective investments and microfinance.
7. this decision shall enter into force on the date of its adoption, shall be published on the official website of the National Commission of financial market (www.cnpf.md) and in the Official Gazette of the Republic of Moldova.

VICE-PRESIDENT of the NATIONAL COMMISSION of financial market Karen Fahie