Finland’s Financial Supervisory Authority has published the results of an “audit” on S-Bank PLC’s compliance with the EU’s Russian sanctions.
The audit revealed a “very significant lack” of effective controls in terms of the deposit limits imposed by the EU’s sanctions. Also highlighted was a lack of training and a lack of “sufficiently effective procedures” for sanctions compliance.
The audit also noted that there was a lack of independent supervision of business units with risk control sitting within each unit and being involved in the initial business decisions and so were unable to provide an independent check on those decisions.
Overall the audit findings were described as being of “high significance”, but it is unclear what further regulatory action might be taken.