FINFSA National AML/CFT Action Plan
On Apr. 30, FINFSA reported decision-in-principle regarding AML/CFT.
- FIN GVT made a decision-in-principle on the national money laundering and terrorist financing risk assessment 2021 and the corresponding action plan 2021-2023.
- Follows FINFSA Mar. 2020, AML risk assessment for supervised entities, see #74349.
- Risk Assessment
- Examines the risks of money laundering and terrorist financing in Finland by industry.
- Industry division based on sectors required to report under Money Laundering Act.
- Risk level for each sector put on scale of 1-4 (1 = low risk, 4 = very significant risk).
- Based on the Act on the Prevention of Money Laundering and Terrorist Financing.
- The risk assessment and action plan have also been recommended by the EU and the Financial Action Task Force on Money Laundering and Terrorist Financing (FATF).
- Sector Risks
- Credit institutions and payment service providers have been given risk level of three.
- Although the large number of payment transactions of credit institutions increases risk of money laundering, risk is reduced by the risk management skills of the operators.
- Reporting agents in many sectors rely on credit institutions for customer identification.
- Anonymity in some virtual currency services makes it hard to trace funds and origin.
- Risk is also increased by the large number of transactions and their real-time nature.
- International money transmission: risk relates to tracing remittances and funds origin.
- All sectors have difficulty identifying and understanding the signs of terrorist financing.
- National Action Plan
- Sets out measures to reduce the risks of money laundering and terrorist financing.
- The plan covers the years 2021–2023 and includes the following strategic priorities.
- Increase public awareness; develop information exchange, statistics and legislation.
- Promote timeliness and content of registers used by public authorities and notifiers.
- Reduce most significant individual risks raised by assessment; develop digitalization of anti-money laundering and anti-terrorist financing control and risk management.
FIN GVT; FINFSA
||B/D; Bank; Corp; Depo; Exch; Fiduciary; HF; IA; Ins; MSB
||AML; Anti-Bribery; Compliance; Financial; Fraud; Legal; Operations; Reporting; Risk; Technology; Trade Reporting; Trading; Treasury
||Banking; Corporate; Deposits; Fund Mgt; Insurance; Loan; Payments; Securities
|Reg. Last Update
||AML & Enforcement
Last substantive update on 05/03/2021