Asset Servicing

CSSF fines EDB €178,600 for poor IT governance

CSSF's head office at Rue d'Arlon in Luxembourg. Photo: Raymond Frenken.

Financial supervisor CSSF on Thursday said it has imposed a fine of 178,600 euro on European Depository Bank SA, a unit of Apex Group.

A 2021 on-site inspection by the CSSF looked into the firm’s IT risks and found “infringements” relating to internal governance and IT organisation, IT outsourcing and IT risk management, the supervisor said. 

“These infringements were generally acknowledged by the Bank’s new authorised management,” said CSSF.

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