Rebates on foreign exchange trades and international payments

Across our markets, some customers, primarily businesses, have potentially not received the agreed rebates on foreign exchange trades and foreign exchange in connection with international payments because the rebates were not registered correctly in our system. Our initial investigation shows that for some customers the issue dates back to 2009.

We have tightened our procedures and are implementing an updated IT infrastructure to make sure that this type of error cannot occur again.

Customers affected and information to them

We are examining a group of up to 3,000 customers – primarily businesses – across our markets, for which there is a risk that rebates may have been registered incorrectly in our system. If the rebate the customer received was lower than it should have been, we will of course reimburse the excess amount paid. 

Numbers below updated 1 February 2021

Up to 3,000 customers estimated to be potentially affected

300 customers informed about potentially being affected

Timeline

  • Oct. 2020 – Potentially affected customers begin to receive information

    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.

  • Jan. 2020 – Mitigation of the issue

    In January 2020, we tighten our procedures and start implementing an updated IT infrastructure to prevent the error from reoccurring.

  • Sept. 2019 – Review of customer transactions begins

    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.

  • Aug. 2019 – The issue is identified and an internal review is initiated

    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.

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