On 9 October 2023, the Estonian Financial Supervision and Resolution Authority (FSA) issued a precept to AS Inbank based on an onsite inspection.
During the onsite inspection, FSA assessed the general governance, compliance function, the management of IT risk, credit risk and liquidity risk, and accuracy of reporting. Based on the assessment of the FSA several of Inbank’s internal rules did not meet the requirements and were not always followed. According to the FSA, there were also deficiencies in the loan classification and in the provisioning methodology.
Inbank has already eliminated several deficiencies mentioned in the findings, having supplemented the bank's internal rules and improved processes.
Evelin Lindvers, Member of the Board and Head of Risk Control comments:
‘It is very important for Inbank to comply with all applicable regulatory requirements. To date, we have already eliminated several of the identified deficiencies, improved internal processes and supplemented internal regulations. To eliminate all deficiencies, we have a timeline and action plan in place that has been agreed with the FSA.’
Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with 5,400+ merchants, Inbank has 892,000+ active contracts and collects deposits across 8 European markets. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.
Additional information:
Merit Arva
Inbank AS
Head of Communications
merit.arva@inbank.ee
+372 553 3550
