The Swedish financial supervisory authority, Finansinspektionen, has issued a remark and an administrative fee of SEK 12 million to SEB for an error in the transaction reporting of bonds and other financial instruments during a couple of years.
The bank has reported all transactions but part of the information has been erroneous. The error should have been detected in IT test performed but unfortunately it was not. The matter has not had any negative effects for the bank’s customers.
SEB has enhanced the controls in this area to detect similar errors quicker. The bank has also clarified roles and responsibilities in relation to regulatory reporting. The bank currently puts a lot of effort into the transaction reporting area not least due to the new rules under MiFID II.