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S-Bank Plc to pay over €7m for omissions in operational risk management

The doors to S-Pankki.
Photo: Nina Kaverinen

Martina Lindberg

1 min read
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Some of S-Bank’s customers experienced financial losses after criminals exploited the malfunction.

S-Bank Plc (S-Pankki) has been issued a combined penalty payment of €7,670,000 ($8,682,136) by the Financial Supervisory Authority (FIN-FSA) for omissions in its operational risk management. The bank was also issued a warning for omissions connected to strong customer authentication and the payer consent required for making payment transactions.

The failures related

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