The FIN-FSA invites comments on its regulations and guidelines concerning the prevention of money laundering and terrorist financing – consultation open until 31.3.2022
The Financial Supervisory Authority (FIN-FSA) is inviting comments on its regulations and guidelines concerning the prevention of money laundering and terrorist financing (AML/CFT).
The objective of the regulations and guidelines is to provide entities supervised by the FIN-FSA with interpretations and recommendations on the application of AML/CFT regulation. The regulations and guidelines seek to guide supervised entities in taking proportionate and risk-based actions against money laundering and terrorist financing in areas where legislation does not provide adequate guidance. A further intention is to harmonise and improve the effectiveness of application of regulation concerning the prevention of money laundering and terrorist financing.
The regulations and guidelines subject to the consultation will repeal the FIN-FSA Standard 2.4 Customer due diligence - Prevention of money laundering, terrorist financing and market abuse, the FIN-FSA statement 2/2016 Customer due diligence and banks’ procedure, and the FIN-FSA statement 27/2020 Simplified customer due diligence procedures for private road maintenance associations and public water area maintenance associations.
Commentators are requested to note that, in preparing the regulations and guidelines, the objective was to integrate the amendments proposed in Government bill 236/2021 concerning the amendment of the Act on Preventing Money Laundering and Terrorist Financing and sections 3 and 20 b of the Act on the Financial Supervisory Authority. New provisions proposed in the Government bill as well as textual changes have been highlighted in the text to clarify where a proposed provision is concerned, instead of valid legislation.
The FIN-FSA will also arrange a hearing on the matter. The hearing will be held on 22 March 2022 by remote access. Registrations to the hearing are to be made through the link below by 18 March 2022. The hearing will be held in Finnish.
Participants to the hearing have an opportunity to send questions in advance for discussion in the event. Please send your questions at the latest on 15 March 2022 at FivaDP-valvonta-assistentti(at)bof.fi.
For further information, please contact, on or after 21 February 2022
- Jonna Ekström, Senior Legal Advisor, telephone +358 9 183 5531 or jonna.ekstrom(at)fiva.fi
- Viivi Jantunen, Risk Expert, telephone +358 9 183 5008 or viivi.jantunen(at)fiva.fi