Estonia’s Financial Supervision Authority issued a precept to Luminor Bank AS after identifying deficiencies in how the bank provides basic payment services to clients, particularly in its procedural rules. The precept requires Luminor to address gaps in its procedures for basic payment services, including rules on collecting, analysing and preserving client data. It also instructs the bank to expand procedures for informing clients about a refusal to open a basic payment account and for communicating the reasons for closing one. The precept may be appealed to the Tallinn Administrative Court within 30 days of notification of the administrative decision.
Finantsinspektsioon 2025-09-23
Estonia’s Financial Supervision Authority orders Luminor Bank to remedy deficiencies in basic payment services procedures
Estonia’s Financial Supervision Authority issued a precept to Luminor Bank AS for deficiencies in its basic payment services procedures. The bank must address gaps in client data handling and improve communication regarding account refusals and closures. The decision can be appealed to the Tallinn Administrative Court within 30 days.