On Jan. 15, FINFSA defined fund management company's customer.
FINFSA issued statement on definition of a fund manager's customer per AML Act.
Fund Management Customers
According to the statement, management companies’ Finnish unitholders are customers falling within the scope of the customer due diligence obligation.
Under ch 3, Act on prevention of money laundering and terrorist financing (AML Act).
FINFSA statement based on an interpretation of ch 9, s 4, Mutual funds act.
And definition of an investment fund’s customer in EBA Guidelines on customer due diligence and factors credit and financial institutions should consider when assessing money laundering and terrorist financing risk (EBA/GL/2021/02).
Effectiveness
Where needed, procedures must be adjusted to align with statement by Jan. 1, 2025.
Regulators
FINFSA
Entity Types
CNSM; HF; Inv Co
Reference
PR 5/2024, SS 1/2024, 1/15/2024; EBA/GL/2021/02; AML Act; Mutual Funds Act
