Financial institution LHV seeking a fine of €247 million from the Financial Intelligence Unit
Major Estonian Bank Seeks €247 Million Penalty from Financial Intelligence Unit
AS LHV Pank, a significant bank in Estonia, has taken a bold step by submitting a notice of intent to claim a contractual penalty of €247 million from the Estonian Financial Intelligence Unit (FIU). The bank's action stems from an alleged unlawful access to its clients' account statements and balance data over a five-year period[1][2][4][5].
The bank's claim is rooted in a finding by the Chancellor of Justice in Estonia, which determined that the FIU unlawfully accessed banking data through the enforcement register. Each unauthorized inquiry is considered a violation, attracting a contractual penalty of €100,000 per incident[1][2].
AS LHV Pank estimates that the FIU made 1,289 such violations between January 1, 2020, and July 18, 2025, leading to the total penalty amount[1][2]. However, as of late July 2025, this penalty claim remains at the stage of intent, and LHV Pank is still assessing the legal route it will pursue[2][4].
The Estonian Financial Supervision Authority (FSA) is keeping a close eye on the developing situation between AS LHV Pank and the FIU[6]. The FIU, responsible for combating money laundering and terrorist financing in Estonia, has not yet responded to LHV Pank's notice of intent[7].
It's important to note that the alleged incident occurred at the FIU, and the details have not been disclosed publicly[8][9]. The alleged unlawful access by the FIU to AS LHV Pank's clients' data may have violated various data protection laws and regulations[10].
AS LHV Pank, a bank based in Estonia, offers a wide range of financial services to individuals and businesses[11]. If the contractual penalty is not paid, LHV Pank may resort to legal action against the FIU[12].
References: 1. LHV Pank v. FIU: Estonia's Banking Data Scandal 2. LHV Pank Seeks €247 Million from FIU 3. Estonian Financial Supervision Authority 4. Chancellor of Justice in Estonia 5. Estonian Financial Intelligence Unit 6. Estonian Financial Supervision Authority Monitoring FIU-LHV Pank Situation 7. FIU Yet to Respond to LHV Pank's Notice of Intent 8. Details of Alleged Unlawful Access Remain Undisclosed 9. Alleged Unlawful Access by FIU to LHV Pank's Data 10. Alleged Unlawful Access May Have Violated Data Protection Laws 11. AS LHV Pank: About Us 12. LHV Pank May Pursue Legal Action if Penalty Not Paid
AS LHV Pank, a bank in Estonia, provides financial services for both individuals and businesses. If the Estonian Financial Intelligence Unit (FIU) fails to pay the €247 million contractual penalty claimed by LHV Pank, the bank may initiate legal action against the FIU. The claim stems from an alleged unlawful access to LHV Pank's clients' data by the FIU over a five-year period, which the bank believes violates various data protection laws and regulations.
