Summary of FIN-FSA’s inherent AML/CFT risk assessment has been published
The FIN-FSA has published the summary of the inherent risk assessment of money laundering and terrorist financing of obliged entities under the AML Act within the scope its supervision.
As regards inherent money laundering risks, the inherent risk assessment published on 17 March 2020 has been updated, and the assessment of inherent sector-specific risks has been kept unchanged. As regards inherent terrorist financing risks, the summary is now published for the first time. In particular, the national risk assessment published on 29 April 2021 was taken into account in the preparation of both inherent risk assessments.
In the FIN-FSA’s view, the highest inherent risk of both money laundering and terrorist financing is related to products and services enabling the fast transfer of funds. A particularly elevated risk is attached to international fund transfers involving several service providers.
The summary of the inherent risk assessment now includes the FIN-FSA's assessment of the significance of each sector under its supervision from the perspective of anti-money laundering and counter-terrorist financing. The purpose of the assessment is to help in focusing the supervision of compliance with the AML Act across different sectors. According to the assessment, the highest significance was assigned to the credit institution sector.
For further information, please contact
Viivi Jantunen, Risk Expert, telephone +358 9 183 5008 or viivi.jantunen(at)fiva.fi