Estonian Supervisory Authority looks into Luminor Bank’s internet banking service disruption

Estonian Financial Supervision and Resolution Authority has commenced an investigation of the situation with disruption of internet banking services provided by Luminor Bank.
On Thursday, the 2nd of March, the institution confirmed having plans to report more detailed information soon. Violations that involve precise reflection of clients’ account balance in internet banking pages are always serious, the service stresses.

«The banking sector is based on trust. If a bank is unable to accurately show the client’s balance for several days, this bank has failed this trust,» said the institution’s board member Siim Tammer,

adding that if an investigation reveals a violation here, the bank will receive a fine.
Representatives of Luminor Bank branch in Latvia explain that the investigation disruption of service in Estonia will not affect Latvian clients, because Latvia’s branch uses a different IT platform.
As it is known, in October 2022 Estonian Consumer Protection and Technical Regulatory Authority (TTJA) commenced a supervisory procedure over Luminor Bank due to disruptions with its internet banking services. The next scheduled inspection will commence in Q2 2023.
TTJA representatives explained that Luminor Bank reported to them having plans to perform measures to ensure stability. Improvements are planned to be added in the future as well.

At the same time, the bank’s goal is implementing various user-friendly improvements in the coming months.

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