Programming error costs Nordea Eur400,000
Nordea Bank AB (publ), Finnish Branch* has received a penalty of EUR 400,000 from the Finnish Financial Supervisory Authority (FIN-FSA) due to late transaction reporting to FIN-FSA caused by an isolated programming error in 2016.
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Due to an isolated programming error, Nordea failed to report mandatory information on a limited number of transactions in 2016 in due time. The error was corrected and all unreported transaction information was delivered to FIN-FSA in 2016. It did not cause any damage to customers.
Nordea takes the correctness of transaction reporting very seriously, and acted immediately when the unreported transactions became known. The case has been handled in good cooperation with FIN-FSA.
*Former Nordea Bank Finland Plc that was merged with Nordea Bank AB (publ) on 2 January 2017.