FINLAND TIGHTENS BELT ON BANKING REGULATIONS TO COMBAT FINANCIAL CRIME

In a move to strengthen its defenses against financial crime, the Financial Supervisory Authority (FIN-FSA) in Finland has rolled out a series of banking regulations aimed at safeguarding the country’s financial system.

REGULATIONS TO WATCH

Key Areas of Focus

The new regulations target various aspects of banking operations, including:

• Prevention of Money Laundering and Terrorist Financing: Supervised entities must implement measures to prevent money laundering and terrorist financing.
• Accounting and Financial Statements: Accounting, financial statements, and management reports will be subject to strict verification procedures.
• Securities Markets Operations: Trading activities in securities markets will need to comply with enhanced due diligence requirements.
• Miscellaneous Regulations: A range of provisions aimed at maintaining the stability and soundness of Finland’s banking system.

TARGET GROUPS

The FIN-FSA regulations apply to various target groups, including:

• Supervised entities: Banks, credit institutions, investment firms, and other financial service providers.
• It is essential for these organisations to familiarise themselves with the specific requirements outlined in each regulation.

While the translations provided are unofficial, they serve as a useful guide for those seeking to understand the scope of Finland’s banking regulations on combating financial crime.