Amendments to regulations and guidelines 2/2023 on the prevention of money laundering and terrorist financing

The Financial Supervisory Authority (FIN-FSA) has updated its regulations and guidelines 2/2023 on preventing money laundering and terrorist financing (hereinafter “Regulations and guidelines 2/2023”) The amendments are technical in nature and will enter into force on 1 July 2025.

Technical amendments to the scope of application

The scope of application in chapter 1.1 of the regulations and guidelines was extended to include crypto-asset service providers as referred to in Article 3(1)(15) of the EU Markets in Crypto-Assets Regulation¹. Concurrently, virtual currency providers as referred to in the Act on Virtual Currency Providers (572/2019) were removed from the scope of application.

In addition, the following entities were removed from the scope of application in chapter 1.1:

• entities under section 4, subsection 2 of the FIN-FSA Act which have authorised under Article 28 of Regulation (EU) 2017/2402 of the European Parliament and of the Council laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 referred to in paragraph 13; holding companies as referred to in paragraph 14; and approved public arrangements as well as approved reporting mechanisms as referred to in paragraph 15.

These changes are based on the amendments to the AML Act (26.6.2024/414).

Amendments to regulatory powers

References in Regulations and guidelines 2/2023 to the Act on Virtual Currency Providers and to the regulatory powers under its section 13, subsection 4, were replaced with references to the regulatory powers applicable to crypto-asset service providers under chapter 9, section 6(3) of the AML Act².

Other technical amendments

Regulations and guidelines 2/2023 were also subject to other technical amendments, such as updating the lists of national provisions, EU Regulations, and international recommendations³.

Entry into force of the amendments to the regulations and guidelines

The amended regulations and guidelines enter into force on 1 July 2025.

For further information, please contact

• Jonna Ekström, Chief Legal Advisor, telephone +358 9 183 5531 or jonna.ekstrom(at)fiva.fi
• Pekka Vasara, Head of Division, telephone +358 9 831 5513 or pekka.vasara(at)fiva.fi

Appendix

Regulations and guidelines 2/2023 Preventing Money Laundering and Terrorist Financing

¹Regulation (EU) No 2023/1114 of the European Parliament and of the Council on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937.
²See chapter 4.2, par. 4; chapter 4.3, par. 21; chapter 5.1, par. 5; chapter 6.2, par. 9; chapter 6.3.2, par. 30; chapter 7.1, par. 5; chapter 7.2, par. 24; chapter 8.2, par. 5 and chapter 10.3, par. 25.
³For more detailed information, see chapter 13, Revision history.