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.
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.
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.
U.K. pledges tougher AML enforcement, London law firms under scrutiny for Kremlin ties, and more, in the weekly roundup.
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.
|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.
|Rank : 2/110|
|Score : 3.06/10|
|Rank : 3/179|
|Score : 85/100|
|Rank : 87/133|
|Score : 52/100|