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Swedish smaller bank, Länsförsäkringar penalised by the Swedish FSAThursday, 16 February 2012
Swedish Financial Services Authority, Finansinspektionen (FI) has estimated that Länsförsäkringar Bank (LF Bank) has had deficiencies in its internal management and control. The Bank may, therefore, be penalised and asked to pay a penalty of Skr10 million.
According to a press release, LF Bank has long devoted too few resources to its compliance functions.
Between 2007 and 2009, the bank also had incorrect risk weights for their agricultural exposures. As a result, the bank calculated and reported incorrect capital requirements for credit risk during the same period, writes FI.
By Scancomark.se Team
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