A stable, well-functioning financial market for allA stable, well-functioning financial market for allSwedbank receives a remark and an administrative fine
Swedbank is being issued a remark and must pay an administrative fine of SEK 850 million.
Finansinspektionen has investigated whether Swedbank complied with relevant laws, regulations and internal procedures and processes in conjunction with an IT-related incident that occurred on 28–29 April 2022.
The investigation shows that Swedbank made a change to a business-critical IT system without following the bank's internal procedures and processes and did not have suitable control mechanisms in place to be able to capture the deviation and ensure that internal procedures and processes were followed. As a result Swedbank has not had satisfactory internal control of the change in the bank's IT system.
According to Finansinspektionen, there are grounds on which to intervene against Swedbank as a result of this violation.
