Finland

New Documents

Finland FSA Discusses Sanctions Compliance, Cyber Risk Awareness

The Financial Supervisory Authority of Finland reminded financial entities to ensure that their sanctions compliance programs are up-to-date in light of the recent string of European sanctions targeting Russia for its invasion of Ukraine.

May 2, 2022

Finland FSA Requests Comments on Revised AML Standards

The Financial Supervisory Authority in Finland requested feedback on proposed changes to the nation’s anti-money laundering and counterterrorist financing regimes with comments due by March 31, 2022.

April 28, 2022

Finland FSA Updates Guidance on ML/TF Risk Factors

November 12, 2021

Finland FSA Announces New AML/CTF Documents to Aid Reporting

November 12, 2021

FATF Follow-Up Report Re-Rates AML/CTF Regime of Finland

October 5, 2021

News

Legal Brief: International Campaign Against Russian Yachts, Other Assets Continues

Russia has drawn widespread international censure and harsh economic sanctions from the U.S., EU, and other jurisdictions since Feb. 24, when the Kremlin-ordered invasion of Ukraine commenced.

April 27, 2022

Weekly Roundup: Ex-Goldman Sachs Banker Convicted in 1MDB Trial, Canada Previews AML Reforms, and More

U.K. pledges tougher AML enforcement, London law firms under scrutiny for Kremlin ties, and more, in the weekly roundup.

April 8, 2022

Midweek Roundup: FinCEN Flags COVID-19 Health Care Fraud, Scottish Lawmakers Reject Trump Investigation, and More

February 4, 2021

Fintechs May Have Missed a Chance in the EU, Finland’s FIU Chief Says

November 10, 2020

Midweek Roundup: ‘FinCEN Files’ Fallout Begins, Belarus Escapes EU Sanctions, and More

September 23, 2020

Enforcement Actions

Finland Fines S-Bank Ltd Nearly €1 Million Euros for AML Violations

Finland’s Financial Supervisory Authority fined S-Bank Ltd €980,000 for lacking a comprehensive risk-based approach as required by the Act on Detecting and Preventing Money Laundering and Terrorist Financing.

December 18, 2019

Key Documents

Finland Defines Money Laundering, Terrorist Financing Crimes

January 1, 2008

Finland Transposes the Third Money Laundering Directive Into National Legislation

August 1, 2008

Finland Publishes CDD Requirements to Prevent Abuse of Financial Market

June 22, 2010

Finland Issues Decree Addressing Politically Exposed Persons

October 1, 2008

Finland Publishes Consolidated Act of Obligations for Credit Institutions

September 7, 2012

Important Facts

  • The U.S. State Department labels Finland as a monitored jurisdiction. Finland is not a regional center for money laundering, financial crime, or illegal commerce. The major sources of illegal proceeds in Finland relate to financial crimes, and the majority of investigated suspicious financial activities have an international dimension. The number of organized criminal groups has grown slightly in the past few years, as has the number of their members. Illicit funds are normally laundered through currency exchangers and gaming establishments. The use of virtual currencies and phone transactions have become more common money laundering cases. Terrorism related fundraising is associated with real estate investments, transport of cash, front companies and online shadow financing markets.
  • KYC Covered Entities: Banks; investment firms, management companies, and custodians; the central securities depository and book entry registrars; payment institutions and money transmitters and remitters; insurance companies, local mutual insurance associations, and insurance intermediaries; authorized pension insurance companies; limited liability companies or cooperatives engaged in restricted credit institution activities; tax advisors; apartment rental and real estate agents; auditors, lawyers, notaries, and accountants; trust and company service providers; pawnshops and dealers in high-value goods; casinos and gaming entities
  • STR Covered Entities:  Banks; investment and fund management companies and custodians; the central securities depository and book entry registrars; payment institutions and money transmitters and remitters; insurance companies, local mutual insurance associations, and insurance intermediaries; authorized pension insurance companies; limited liability companies or cooperatives engaged in restricted credit institution activities; tax advisors; apartment rental and real estate agents; auditors, lawyers, notaries, and accountants; trust and company service providers; pawnshops and dealers in high-value goods; casinos and gaming entities
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: 12 (2014)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 9 High : 1
Largely Compliant : 23 Substantial : 3
Partially Compliant : 8 Moderate : 6
Non-Compliant : 0 Low : 1

Finland's technical compliance was re-rated in a Oct. 5, 2021 follow-up report.

BASEL i

Rank : 2/110
Score : 3.06/10

TRANSPARENCY INTERNATIONAL i

Rank : 3/179
Score : 85/100

Tax Justice Network i

Rank : 87/133
Score : 52/100