SpareBank 1 Østlandet (SPOL): Notification of administrative fine from the FSA

07 Jun 2024 12:00 CEST

In September 2022, the Financial Supervisory Authority (FSA) conducted an
on-site inspection at SpareBank 1 Østlandet with the aim of reviewing the bank's
management and control of the risk of money laundering and terrorist financing,
including compliance with the Norwegian Anti-Money Laundering Act and associated
regulations. The bank has now received the FSA’s preliminary report from the
inspection. Due to inadequate compliance with anti-money laundering regulations,
the FSA is considering imposing a penalty of NOK 30 million on the bank. This
corresponds to approximately 0.6 percent of the bank's turnover in 2023 and thus
constitutes around 6 percent of the maximum amount the FSA can impose.

The FSA has not completed the case with a final conclusion, which means that the
bank cannot yet comment on the content of the preliminary report. However,
SpareBank 1 Østlandet takes the FSA’s report very seriously and will spend the
time ahead analyzing the report's findings and providing feedback. Since the
on-site inspection in 2022, the bank has significantly increased investments
related to the fight against financial crime, an area that requires continuous
improvement.

Contact information:
Klara-Lise Aasen, Group CEO, Tel.: +47 476 35 583
Geir-Egil Bolstad, CFO, Tel.: +47 918 82 071
Bjørn-Erik Orskaug, Head of Investor Relations, Tel.: +47 922 39 185

This information must be disclosed pursuant to section 5-12 of the Securities
Trading Act.

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