Finland

New Documents

Finland FSA Publishes Summary of ML/TF Risk Assessment

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.

October 17, 2022

FATF Welcomes Beneficial Ownership Transparency Reforms in Finland

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.

October 4, 2022

Finnish Central Bank Deputy Governor Discusses Cryptocurrency Regulation

August 24, 2022

Finland FSA Discusses Sanctions Compliance, Cyber Risk Awareness

May 2, 2022

Finland FSA Requests Comments on Revised AML Standards

April 28, 2022

News

Midweek Roundup: Crypto Firms Drive European Surge in STRs, US Charges Chinese Spies, and More

Germany creates sanctions unit, Singapore introduces crypto measures, and more, in the midweek roundup

October 26, 2022

In Europe, Suspicious Payments Triple Thanks to VASPs, Cryptocurrency

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.

October 25, 2022

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

April 27, 2022

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

April 8, 2022

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

February 4, 2021

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 : 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.

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