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Finnish regulator fines S-Pankki for inadequate customer due diligence

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Finnish regulator fines S-Pankki for inadequate customer due diligence

The Finnish Financial Supervisory Authority fined S-Pankki Oy €980,000, mainly for failing to meet requirements in customer due diligence, a key requirement in preventing money laundering and terrorism financing.

The regulator said the Helsinki-based bank's risk-based approach has not been sufficiently comprehensive to meet anti-money laundering law requirements, and it has inadequate customer due diligence data. The bank also has shortcomings in its information systems and processes.

Concurrently, a public warning was issued to S-Pankki unit FIM Asset Management Ltd. for not obtaining adequate customer due diligence data.

The FSA, however, noted that it has no reason to suspect the bank and its asset management unit of committing offenses related to money laundering.

The bank's head of legal, Jussi Sokka, said the lender is taking the matter "very seriously" despite not being in full agreement with the details of the FSA's decision, Reuters reported. S-Pankki also does not intend to appeal the regulator's decision.