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Swedish FSA maps Swedbank IT bungle

Swedish FSA maps Swedbank IT bungle

Swedish banking regulator Finansinspektionen (FI) is appointing an external auditor to map out a "substantial IT disturbance", that resulted in incorrect balances being shown in Swedbank customer accounts

The appointed auditor has been tasked with mapping the course of events that led up to the incident, how the incident was handled and resolved, and the bank's controls and preparedness.

The auditor will document observations in a report to the regulator which will then decide on further action.

Jens Henriksson, president and CEO of Swedbank, says: "Swedbank suffered from a substantial IT disturbance during the night between April 28 and 29 which affected our customers. This is very serious, and we take forceful measures to prevent this from happening again. We welcome the Swedish FSA’s initiative to map the events."

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