S-Bank controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2019
Anti-money-laundering compliance penalty
The Financial Supervisory Authority imposed an administrative penalty of 980,000 euros on S-Bank for deficiencies in procedures related to preventing and investigating money laundering and terrorist financing. The deficiencies concerned the 2014–2017 period. FIM Asset Management received a public warning in the same matter, and the supplied account states that no actual money laundering was found.
2019
S-Bank fined over customer oversight
Fine or penalty
Finland's Financial Supervisory Authority fined S-Bank 980,000 euros over negligence in its customer oversight and found problems with its IT systems and processes. The watchdog said it had no reason to suspect money-laundering offences had been committed in the bank's operations. S-Bank said it did not entirely agree with the authority but accepted the decision.
Company response
Clarification — S-Bank
Although we do not entirely agree with the Financial Supervisory Authority, we accept the decision.
Source excerpt
The Finnish Financial Supervisory Authority (also known as FIN-FSA or Fiva) has fined S-Bank 980,000 euros over negligence in its customer oversight, also known as 'know your customer' (KYC) procedures.
Although we do not entirely agree with the Financial Supervisory Authority, we accept the decision.
However the FIN-FSA added that it "has no reason to suspect that money laundering offences referred to in the Criminal Code have been committed" in the operations of S-Bank or FIM Asset Management.
2014
Customer-identification discrimination ruling
The Non-Discrimination Board found that S-Bank had treated an Estonian resident discriminatorily by requiring a Finnish identity document and declining an Estonian passport for online-banking identification. The board ordered the bank to revise its instructions under a conditional penalty.