Inside information: Financial Supervisory Authority imposes combined penalty payment and public warning on S-Bank

S-Bank Plc  
Inside information  
23 May 2025 at 14:34 EEST 

Inside information: Financial Supervisory Authority imposes combined penalty payment and public warning on S-Bank  

S-Bank has received a combined penalty payment of EUR 7 670 000 from the Financial Supervisory Authority (FIN-FSA) for omissions in operational risk management and omissions in complying with a public warning concerning strong identification and payer consent required for implementing payment transactions. The omissions are related to a software malfunction in the production of the Bank’s information system from 20 April to 5 August 2022. 

The penalties concern an exceptional and very difficult-to-detect malfunction generated in a software update of S-Bank’s system provider in 2022. Suspected criminals exploited the system malfunction, which resulted in financial losses to a small number of S-Bank’s customers. The system malfunction was corrected as soon as it was detected. S-Bank has compensated all direct damage caused to customers. The Financial Supervisory Authority’s decision will have no impact on S-Bank’s customers. 

S-Bank has cooperated closely with the authorities to investigate the case and has implemented comprehensive measures to prevent a similar occurrence, which the Financial Supervisory Authority has taken into account in its decision. S-Bank is improving its operating practices and risk management continuously to ensure the security of its services in the changing operating environment. 

S-Bank takes the Financial Supervisory Authority’s decision seriously but considers the penalty payment to be severe. S-Bank will examine the Financial Supervisory Authority’s decision and will consider possible further action.

S-Bank Plc