Finland’s AML/CTF supervisors
The financial industry is under the authority of FIN-FSA
In Finland's mainland, gaming establishments are regulated by the National Police Board.
Regarding auditors, the Finnish Patent and Registration Office
Regarding additional required bodies, the Regional State Administrative Agency for Southern Finland.
The oversight of the local real estate firms and casinos is under the purview of the Aland government.
The Finnish Bar Association oversees the legal professionals. How to adhere to Finland's AML requirements
How do you comply with AML/CTF regulations in Finland?
The Ministry of Finance of Finland oversees creating AML regulations. The provisions for the prevention of money laundering and terrorist financing are laid forth in the Act on Preventing Money Laundering and Terrorist Financing (444/2017 AML Act). However, it is the responsibility of FIN-FSA to guarantee that the AML standards are met by the supervised organisations' processes, risk management, and internal controls.
The AML Act mandates that you:
Create a money laundering risk evaluation for your business
Know and understand your customers
Track your clients' activity
Notify the FIU of any suspicious business transactions
Ensure that your staff are aware of their responsibilities under the AML Act and that they can uphold them in their daily work
What are my AML/CTF reporting obligations?
You must consider your customer as a reporting entity in Finland and keep track of your interaction with them throughout time. It is your duty to learn more about a transaction's history and intent if you notice that your customer is behaving irregularly. Report the transaction right away to the FIU if it still seems suspicious after the investigation. Every time a commercial transaction is halted because of concerns, a transaction must also be reported.
Additionally, you can report any violations of these requirements directly to the supervisory authorities if you find any inadequacies in your company's or a partner company's compliance with the AML Act.
