AML in Finland

The Act on Preventing Money Laundering and Terrorist Financing in Finland distinctly establishes money laundering and terrorist financing as criminal offenses. This legislation outlines the specific actions that will be deemed as criminalized activities and specifies the corresponding penalties for engaging in money laundering endeavors. Finland’s domestic Anti-Money Laundering (AML) statutes and regulations are structured in accordance with directives from the European Union and recommendations put forth by FATF (Financial Action Task Force).

Within Finland, the National Bureau of Investigation (NBI) fulfills the role of the Financial Intelligence Unit. The NBI holds the responsibility of identifying and thwarting financial crimes, thereby contributing to the overall detection and prevention of money laundering activities.

“Know Your Customer” and “Customer Due Diligence” responsibilities hold significant importance within Finland’s Anti-Money Laundering (AML) obligations. Under the framework of Know Your Customer protocols, companies are mandated to gather customer information before commencing a business relationship and subsequently validate the accuracy of this data. Following this, a risk assessment is conducted on the customer using Customer Due Diligence procedures. This evaluation involves screenings for sanctions, Politically Exposed Persons (PEPs), and adverse media. Through these measures, companies strive to identify possible risks during the process of opening customer accounts.