Rebates on foreign exchange trades and international payments
We have tightened our procedures and are implementing an updated IT infrastructure to make sure that this type of error cannot occur again.
Based on our review of historic foreign exchange trades and international payments, we identify in October 2020 up to 3,000 customers who potentially have not received the rebates to which they are entitled, which we need to investigate further. We begin notifying the first group of potentially affected customers by phone and letters to inform them of the issue and that they may be affected.
In January 2020, we tighten our procedures and start implementing an updated IT infrastructure to prevent the error from reoccurring.
In September 2019, we start to review foreign exchange trades and foreign exchange in connection with international payments to determine which customers who may not have received the agreed rebates.
In August 2019, we identify an incorrect registration of a rebate on foreign exchange trades and international payments. To assess the root cause, scope and significance of the issue, we initiate an internal review, which made it clear that the issue was of a more systemic nature.