Finland\u2019s Financial Supervisory Authority has published the results of an \u201caudit\u201d on S-Bank PLC’s compliance with the EU\u2019s Russian sanctions.<\/p>\n\n\n\n
The audit revealed a \u201cvery significant lack\u201d of effective controls in terms of the deposit limits imposed by the EU\u2019s sanctions. Also highlighted was a lack of training and a lack of \u201csufficiently effective procedures\u201d for sanctions compliance. <\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Overall the audit findings were described as being of \u201chigh significance\u201d, but it is unclear what further regulatory action might be taken.<\/p>\n","protected":false},"excerpt":{"rendered":"
Finland\u2019s Financial Supervisory Authority has published the results of an \u201caudit\u201d on S-Bank PLC’s compliance with the EU\u2019s Russian sanctions. The audit revealed a \u201cvery significant lack\u201d of effective controls in terms of the deposit limits imposed by the EU\u2019s sanctions. Also highlighted was a lack of training and a lack of \u201csufficiently effective procedures\u201d … <\/p>\n