S-Bank Plc ( fi, S-Pankki Oyj, sv, S-Banken Abp) is the bank of the

S-Group The S Group ( fi, S-ryhmä, sv, S-gruppen) is a Finnish retailing cooperative organisation with its head office in Helsinki. Founded in 1904, it consists of 20 regional cooperatives operating all around Finland in addition to SOK, ''Suomen Osu ...

(Finnish: S-ryhmä), a Finnish retailing

cooperative A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-contro ...

organisation. S-Bank is the first so-called ''supermarket bank'' in Finland with 4872 employees. Changes in legislation about personal accounts at cooperatives made them uncompetitive, such that founding an entirely new bank was actually easier than keeping the personal accounts as cooperative funds. The cooperative did, and the bank continued to, offer a relatively high interest to deposited funds. It was 2.5% in February 2008, although this was cut to 0.2% due to the global recession since 2008. The existing network of supermarket service desks is used to service customers.

Fines

In 2019, S-Bank was fined ca. €1m over lax monitoring of money laundering. No actual money laundering was found, but the problem was poor conformance to legal "

know your customer Know Your Customer (KYC) guidelines in financial services require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a ...

" requirements.S-Bank fined nearly €1m over lax monitoring of money laundering
YLE 18.12.2019

References

External links

S-Bank

S-Bank
Banks of Finland Supermarket banks Banks established in 2006 Cooperative banking in Europe Cooperatives in Finland Finnish companies established in 2006 {{Europe-bank-stub