The Financial Supervisory Authority in Finland published a summary of its assessment of the sector-specific money laundering and terrorist financing risks facing the credit institutions under its supervision.
The Financial Action Task Force released a follow-up report on the anti-money laundering and counterterrorist financing framework of Finland, welcoming reforms to the Finnish Register of beneficial owners of legal entities and foreign trusts.
Germany creates sanctions unit, Singapore introduces crypto measures, and more, in the midweek roundup
Virtual assets service providers, especially the six now operating from Finland, played a significant role in driving up the volume of suspicious transaction reports at an unprecedented rate in Europe last year, data collected by ACAMS moneylaundering.com shows.
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 : 24||Substantial : 3|
|Partially Compliant : 7||Moderate : 6|
|Non-Compliant : 0||Low : 1|
Finland's technical compliance was re-rated in a Oct. 4, 2022 follow-up report.
|Rank : 2/110|
|Score : 3.06/10|
|Rank : 3/179|
|Score : 85/100|
|Rank : 87/133|
|Score : 52/100|