Financial institution LHV seeks EUR 247 million penalty from the Financial Intelligence Unit
Estonian Bank LHV Pank Threatens to Claim €247.5 Million from FIU over Unlawful Data Access
Estonian bank LHV Pank has issued a notice of intent to claim a contractual penalty of €247.5 million from the Estonian Financial Intelligence Unit (FIU) over an alleged unlawful access to its banking data.
The unlawful access, which occurred over a five-year period from January 1, 2020, to July 18, 2025, involved the balance data and account statements of LHV Pank's clients. According to the bank, it detected 1,289 instances of the FIU actively obtaining and unlawfully accessing its clients' bank account statements.
The bank emphasized the importance of data privacy and the need for government agencies to respect the confidentiality of personal information. Protecting client data and maintaining trust, they said, is critical, and the retrieval and use of banking data must be transparent and lawful.
LHV Pank's CEO, Kadri Kiisel, indicated that they are preserving their legal rights by notifying the FIU within the required timeframe, but the extent to which they will pursue this claim remains under legal review.
The alleged unlawful access by the FIU is a serious breach of trust and could potentially harm the bank's reputation. If successful, the claim could set a precedent for future cases involving unlawful data access by government agencies.
LHV Pank is one of the largest banks in Estonia, with over 100,000 clients. As of late July 2025, the bank has initiated the process and formally threatened to seek a contractual penalty but has not yet secured or finalized the penalty against the FIU.
[1] https://www.lhv.ee/en/news/lhv-pank-to-claim-contractual-penalty-from-fiu-for-unlawful-access-to-banking-data [2] https://www.postimees.ee/4847801/lhv-pank-kohustab-fiu-ühte-kohustusega-panki-andmeadetest-ja-tavalahtetest [3] https://www.err.ee/1130731/lhv-pank-to-claim-247-5-million-from-estonia-s-fiu-over-data-breach [4] https://www.baltic-course.com/eng/estonia/?docid=164082
- The alleged breach by the FIU could have significant implications for the finance industry, as businesses must ensure that their clients' sensitive data is handled with utmost care.
- If LHV Pank successfully claims the contractual penalty, it could potentially establish stricter guidelines for government agencies in accessing private business data, especially in the financial sector.
