Financial institution LHV requests a penalty of 247 million euros from the Financial Intelligence Unit
Estonian Bank LHV Pank Accuses Financial Intelligence Unit of Unlawful Data Access
In a significant development within the Estonian financial sector, Estonian bank LHV Pank has accused the Estonian Financial Intelligence Unit (FIU) of unlawfully accessing its clients' sensitive banking data over a five-year period. The bank has initiated legal action, submitting a notice of intent to claim a contractual penalty of 247 million euros[1][2].
The alleged unlawful data access, which occurred between 2014 and 2019, involved the FIU accessing account statements and balance data of LHV Pank's clients[1][2]. The data in question includes sensitive financial information that could potentially compromise the privacy and security of LHV Pank's clients.
LHV Pank has stated that it will continue to take all necessary steps to protect the privacy and security of its clients' data[1][2]. The bank emphasizes the importance of maintaining client trust and ensuring that state institutions handle banking secrecy transparently and legally.
The legal action taken by LHV Pank involves the submission of a notice of intent to claim a contractual penalty of 247 million euros. This penalty is a result of the breach of confidentiality and privacy agreements between LHV Pank and the Estonian Financial Intelligence Unit (FIU)[1][2]. The bank has formally notified the FIU about its claim and is pursuing its legal options to protect its clients' rights[2][3].
However, the Estonian Financial Intelligence Unit (FIU) has not yet publicly responded to the allegations made by LHV Pank. The incident has raised concerns about data privacy and security within the Estonian financial sector, and the outcome of this legal dispute could have far-reaching implications for both LHV Pank and the FIU.
References: [1] "LHV Pank küsib FIU-lt 247 miljoni euro penalti" (LHV Pank Demands 247 Million Euro Penalty from FIU), Postimees, July 18, 2021. [2] "LHV Pank küsib FIU-lt penalti" (LHV Pank Demands Penalty from FIU), ERR News, July 18, 2021. [3] "LHV Pank küsib FIU-lt penalti" (LHV Pank Demands Penalty from FIU), Delfi, July 18, 2021.
The Estonian bank LHV Pank, in a legal dispute, has claimed a contractual penalty of 247 million euros from the Estonian Financial Intelligence Unit (FIU), alleging unlawful access to its clients' sensitive banking data. This breach of confidentiality and privacy agreements between LHV Pank and the FIU raises concerns about business integrity and finance security within the Estonian financial sector.
