FINLAND: Administrative Fine Imposes on Aktia Bank Plc for Incorrect FINREP Reporting

Friday November 20 2020

On 20th November 2020, the Financial Supervisory Authority (FIN-FSA) imposed an administrative fine of EUR 40,000 on Aktia Bank Plc due to the fact that, during the period 1 October 2017 to 31 March 2019, the company reported incorrect information (FINREP F19 report) on forbearance exposures in accordance with the EU Capital Requirements Regulation and the Commission Regulation adopted pursuant thereto. In addition, there have been inaccuracies in FINREP reports F20.4 Geographical breakdown of assets by residence of the counterparty and F20.5 Geographical breakdown of off-balance sheet exposures by residence of the counterparty. 

According to the Act on the Financial Supervisory Authority, the amount of an administrative fine is based on an overall assessment. In assessing the amount of the administrative fine, consideration has been given to the nature, scope, and duration of the conduct. The administrative fine is ordered payable to the State. 

The decision on the imposition of the administrative fine is not yet legally binding. The company has the right to appeal the decision to the Helsinki Administrative Court within 30 days of receipt of notice of the decision. Information on the legal validity of the decision is available on the FIN-FSA website. 

Click on the link for further information.