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Banks in Finland Must Comply with Stringent Anti-Money Laundering Regulations

Finland has established a robust framework for preventing money laundering and terrorist financing, which includes directives from the European Union and domestic laws. The Ministry of Finance is responsible for developing anti-money laundering (AML) and combating the financing of terrorism (CFT) legislation in the country.

EU Directives and Regulations

The EU has issued several directives and regulations aimed at preventing the use of the financial system for money laundering or terrorist financing. These include:

Directive (EU) 2018/843

Amends Directive (EU) 2015/849 on AML/CFT

• Enhances customer due diligence requirements
• Introduces new requirements for virtual currency providers
• Strengthens measures to prevent the use of the financial system for money laundering and terrorist financing

Regulation (EU) 2015/847

Information Accompanying Transfers of Funds

• Requires information accompanying transfers of funds, including the sender’s and recipient’s details, as well as a description of the transaction

Commission Implementing Directive (2006/70/EY)

Supplements Directive (EU) 2015/849 with Regulatory Technical Standards

• Provides regulatory technical standards for implementing Directive (EU) 2015/849
• Includes standards on customer due diligence and risk assessment

Domestic Laws and Regulations

Finland has enacted several laws and regulations to comply with EU directives and enhance its AML/CFT framework. These include:

The Act on Preventing Money Laundering and Terrorist Financing (444/2017)

Establishes the framework for preventing money laundering and terrorist financing in Finland

• Requires financial institutions to implement AML/CFT measures
• Introduces penalties for non-compliance with AML/CFT regulations

The Act on Financial Intelligence Unit (445/2017)

Establishes the Finnish Financial Intelligence Unit

• Provides for the collection, analysis, and dissemination of information related to money laundering and terrorist financing
• Enables the sharing of information between financial institutions and law enforcement agencies

The Act on the Bank and Payment Accounts Control System (571/2019)

Regulates access to bank and payment accounts

• Requires financial institutions to identify customers and verify their identities
• Introduces requirements for customer due diligence and risk assessment

The Act on Virtual Currency Providers (572/2019)

Regulates virtual currency providers in Finland

• Requires virtual currency providers to implement AML/CFT measures
• Introduces penalties for non-compliance with AML/CFT regulations

Regulatory Technical Standards

The European Commission has issued several delegated regulations to supplement EU directives with regulatory technical standards. These include:

COMMISSION DELEGATED REGULATION (EU) 2018/1108

Supplements Directive (EU) 2015/849 with Regulatory Technical Standards on the Appointment of Central Contact Points

• Requires financial institutions to appoint a central contact point for AML/CFT purposes
• Introduces requirements for the appointment and operation of central contact points

RTS on CCP to Strengthen Fight against Financial Crime

Regulates clearing and settlement of securities transactions

• Enhances customer due diligence and risk assessment requirements for clearing and settlement of securities transactions
• Strengthens measures to prevent the use of the financial system for money laundering and terrorist financing

RTS on Implementation of Group-wide AML/CFT Policies in Third Countries

Requires financial institutions to implement group-wide AML/CFT policies in third countries

• Enhances customer due diligence and risk assessment requirements for financial transactions with third-country entities
• Strengthens measures to prevent the use of the financial system for money laundering and terrorist financing

Guidelines and Regulations

The Financial Supervisory Authority (FIN-FSA) has issued guidelines and regulations for banks and other financial institutions to comply with AML/CFT requirements. These include:

Regulations and Guidelines 2/2023: Preventing Money Laundering and Terrorist Financing

Provides guidance on implementing AML/CFT measures

• Enhances customer due diligence and risk assessment requirements
• Strengthens measures to prevent the use of the financial system for money laundering and terrorist financing

Regulations and Guidelines 4/2023: Customer Due Diligence related to Compliance with Sanctions Regulation and National Freezing Orders

Regulates customer due diligence in relation to sanctions regulation and national freezing orders

• Enhances customer due diligence requirements for transactions involving sanctioned entities or countries
• Strengthens measures to prevent the use of the financial system for money laundering and terrorist financing

Penalties for Non-Compliance

Failure to comply with AML/CFT regulations in Finland can result in penalties, fines, and even imprisonment. The Penal Code (39/1889) sets out the offenses related to money laundering and terrorist financing.

Overall, banks and other financial institutions in Finland must ensure that they have robust AML/CFT procedures in place to prevent money laundering and terrorist financing.