Statutory AML/CTF Supervisors in Finland
The National Bureau of Investigation (NBI)
The National Bureau of Investigation (NBI) operates as the Financial Intelligence Unit (FIU) in Finland. The NBI has responsibility for the detection and prevention of financial crimes in Finland. The FIU operates in conjunction with the NBI, and processes money laundering reports submitted to it.
The authorities that supervise the obliged entities are as follows:
The Financial Supervisory Authority (FIN-FSA)
The Financial Supervisory Authority (FIN-FSA) are responsible for the supervision the financial sector.
The National Police Board
The National Police Board supervises gambling operators in mainland Finland.
The Finnish Patent and Registration Office
The Finnish Patent and Registration Office in respect of auditors.
The Regional State Administrative Agency for Southern Finland
The Regional State Administrative Agency for Southern Finland in respect of other obliged entities.
The authorities of Aland
The authorities of Aland are responsible for supervising the gambling operators and real estate agencies in Aland.
The Finnish Bar Association
The Finnish Bar Association supervises the attorneys at law.How to comply with AML obligations in Finland
How to comply with AML obligations in Finland?
Responsibility for the development of AML legislation in Finland rests with the Ministry of Finance. The Act on Preventing Money Laundering and Terrorist Financing (444/2017 AML Act) lays down provisions on the prevention of money laundering and terrorist financing. However, it is FIN-FSA’s task to ensure that the procedures, risk management and internal controls of supervised entities comply with the AML requirements.
The AML Act requires you to:
Prepare a money laundering risk assessment for your own operations
Identify and know your customers
Track your customers’ activities
Submit a notice on any suspicious business transactions to the FIU
Ensure that the obligations under the AML Act are known and that your employees can observe them in their everyday operations.
What are my AML/CFT reporting obligations?
As a reporting entity in Finland, you must know your customer and monitor the customer relationship throughout its duration. If you identify an unusual transaction handled by your customer, it is your responsibility to delve deeper into its background and purpose. Should the transaction appear suspicious even after the investigation, report it immediately to the FIU. You must also report a transaction whenever you suspend a business transaction due to having suspicions.
In addition, if you notice deficiencies in compliance with the AML Act of your company or partner company where these obligations are not complied with, you can report it directly to the supervisory authorities.
How can MemberCheck Help?
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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.
