Financial Crime World

Finnish Agency Cracks Down on Financial Crime

Strengthening Financial Regulation in Finland

In an effort to combat financial crime, Finland’s Financial Supervisory Authority (FIN-FSA) has been intensifying its efforts to regulate the country’s financial services sector. As the national competent authority within European Banking Supervision since 2014, FIN-FSA is responsible for overseeing the financial institutions and ensuring they operate with transparency and accountability.

A Brief History of FIN-FSA

  • Established on January 1, 2009: FIN-FSA was formed through a merger between the former Financial Supervision Authority and the Insurance Supervisory Authority.
  • Ramping up Efforts to Combat Financial Crime: The agency has a long history dating back to the Banking Supervision Office (Rahoitustarkastus), established in 1949. Over the years, FIN-FSA has undergone several transformations.

Responsibilities of FIN-FSA

As part of its mandate, FIN-FSA is responsible for:

  • Monitoring and Enforcing Compliance: Ensuring financial institutions comply with regulations across various sectors, including banking, insurance, and securities trading.
  • Collaboration with Regulatory Bodies: Working closely with other regulatory bodies domestically and internationally to stay up-to-date on emerging trends and threats in the financial landscape.

Protecting Consumers and Maintaining Public Trust

According to FIN-FSA’s director general, Mr. Tero Kurenmaa, the agency’s primary objective is to maintain public trust in the financial system by:

  • Upholding High Standards of Governance and Integrity: Ensuring financial institutions operate with transparency and accountability.
  • Preventing and Combating Financial Crime: Working tirelessly to prevent and combat financial crime in all its forms.

Conclusion

As Finland navigates the complexities of the global economy, FIN-FSA remains a crucial player in maintaining financial stability and protecting consumers from the risks associated with financial crime. With its commitment to transparency, accountability, and integrity, FIN-FSA is well-equipped to tackle the challenges ahead.