The violations include inviting the public to invest funds
without following procedures stipulated in Law No. 146 of 1988 and promoting
public subscriptions without obtaining required approvals, contrary to
applicable regulations.
The list also targets social media pages encouraging
consumer finance clients to convert their credit limits into cash, a practice
that goes against the law governing consumer finance.
FRA reiterated its warning to citizens against engaging with
unlicensed entities or those breaching non-banking financial laws, which risks
their assets and rights.
In May, FRA published a previous negative list based on
complaints, identifying entities conducting non-banking financial activities
illegally. The list will be updated regularly to reflect new developments.
FRA has set up dedicated email addresses for individuals to
report suspicious investment or financing solicitations and for companies to
verify compliance of their business models with legislative and regulatory
requirements, ensuring service stability and reliability.