Virtual currency providers
Scope of application:
These regulations and guidelines shall apply to the following obliged entities referred to in the Act on Preventing Money Laundering and Terrorist Financing (444/2017):
1) credit institutions referred to in the Act on Credit Institutions (610/2014), branches of third-country credit institutions
2) financial institutions belonging to the same consolidation group with a credit institution referred to in the Act on Credit Institutions
3) insurance companies and special purpose vehicles referred to in the Insurance Companies Act (521/2008) where pursuing activities falling within the life assurance classes referred to in the Act on Insurance Classes (521/2008)
4) branches of insurance companies from a third country as referred to in the Act on Foreign Insurance Companies (398/1995) where pursuing activities falling within the life assurance classes referred to in the Act on Insurance Classes (526/2008)
5) fund management companies referred to in the Mutual Funds Act (213/2019) or custodians authorised under said Act
6) investment firms referred to in the Act on Investment Services (747/2012) and branches of third-country investment firms
7) branches of EEA investment firms referred to in the Act on Investment Services
8) a central securities depository, including a registration fund and settlement fund established by such a depository, as referred to in the Act on the Book-Entry System (348/2017)
9) account operators referred to in the Act on the Book-Entry System and Clearing Operations and foreign corporations’ Finnish offices that have been granted the rights of an account operator
10) payment institutions referred to in the Payment Institutions Act (297/2010)
11) natural persons and legal persons referred to in sections 7, 7 a and 7 b of the Payment Institutions Act
12) foreign payment institutions referred to in the Act on the Operation of Foreign Payment Institutions in Finland (298/2010) where providing payment services in Finland through a branch or agent
13) managers of alternative investment funds authorised as AIFMs in accordance with the Act on Alternative Investment Fund Managers (162/2014), and as custodians authorised under said Act
14) branches of foreign AIFMs in Finland, AIFMs subject to the registration requirement as well as Finnish branches of foreign custodians in accordance with the Act on Alternative Investment Fund Managers
15) insurance intermediaries referred to in the Insurance Distribution Act (234/2018) and branches of foreign insurance intermediaries operating in Finland insofar as insurance falling within the life assurance classes referred to in the Act on Insurance Classes (521/2008) is concerned
16) Finnish credit intermediaries referred to in the Act on Intermediaries of Consumer Credit Relating to Residential Property (852/2016) and Finnish branches of foreign credit intermediaries
The FIN-FSA’s further guidance:
The FIN-FSA recommends that also the following obliged entities referred to in chapter 1, section 2 of the AML Act comply with these guidelines where applicable:
1) branches of foreign entities corresponding to the supervised entities listed above in subparagraphs 1, 3, 4, 5, 6, 8,10 and 13 of paragraph 1 and foreign entities corresponding to such supervised entities, where the entity provides services in Finland through a representative without establishing a branch
2) insurance companies and special purpose vehicles as referred to in the Insurance Companies Act (521/2008) when pursuing activities other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)
3) employee pension insurance companies as referred to in the Act on Employee Pension Insurance Companies (354/1997)
4) branches of third country insurance companies as referred to in the Act on Foreign Insurance Companies (398/1995) when pursuing activities other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)
5) Finnish central counterparties as referred to in the Act on the Book-Entry System and Settlement Activities
6) entities as referred to in Article 27(2) 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, which have been granted authorisation as referred to in Article 28 of said Regulation
7) holding companies that have been granted authorisation to pursue holding company activities as stipulated in chapter 2 a of the Credit Institutions Act
8) approved public arrangements as referred to in Article 2(1)(34), and approved reporting mechanism as referred to in Article 2(1)(36), of Regulation (EU) No 600/2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, to which the Financial Supervisory Authority has granted authorisation and for the supervision of which it is responsible under Article 27 b(1)(2) of said Regulation
9) branches of foreign entities corresponding to the supervised entities listed above in subparagraphs 2–8
10) foreign entities corresponding to the supervised entities listed above in subparagraphs 2–8, where the entity provides services in Finland through a representative without establishing a branch
11) local mutual insurance associations as referred to in the Local Mutual Insurance Associations Act (1250/1987)
12) insurance intermediaries as referred to in the Insurance Distribution Act (234/2018) and Finnish branches of foreign insurance intermediaries insofar as insurance policies other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008) are concerned, ancillary insurance intermediaries as well as Finnish branches of foreign insurance intermediaries and ancillary insurance intermediaries
13) virtual currency providers as referred to in the Act on Virtual Currency Providers (572/2019)
14) traders falling within the scope of application of the Act on the Registration of Certain Credit Providers and Credit Intermediaries (186/2023)
Related to these guidelines:
Guidelines on ML/TF risk factors (revised) | European Banking Authority (europa.eu)
Contact information
Jonna Ekström, Chief Legal Advisor
tel. +358 9 183 5531,e-mail: jonna.ekstrom(at)finanssivalvonta.fi and aml-authorities(at)fiva.fi
Effective from 3.11.2023
Scope of application:
These Guidelines are applicable to the following obliged entities as referred to in chapter 1, section 2 of the Act on Preventing Money Laundering and Terrorist Financing (444/2017) (hereinafter the AML Act):
1) credit institutions and branches of third country credit institutions as referred to in the Credit Institutions Act (1055/2016)
2) financial institutions belonging to the same consolidation group with a credit institution as referred to in the Credit Institutions Act
3) insurance companies and special purpose vehicles as referred to in the Insurance Companies Act (521/2008) when pursuing activities falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)
4) branches of third country insurance companies as referred to in the Act on Foreign Insurance Companies (398/1995) when pursuing activities falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)
5) fund management companies as referred to in the Act on Common Funds (213/2019) and depositories authorised under the said Act
6) investment firms and branches of third country firms as referred to in the Investment Services Act (747/2012)
7) branches of a foreign EEA investment firm as referred to in the Investment Services Act
8) a central securities depository as referred to in the Act on the Book-Entry System and Settlement Activities (348/2017), including a registration fund and settlement fund established by such
9) account operators as referred to in the Act on the Book-Entry System and Clearing Operations and foreign corporations’ Finnish offices which have been granted the rights of an account operator
10) payment institutions as referred to in the Payment Institutions Act (297/2010)
11) natural and legal persons as referred to in sections 7, 7 a and 7 b of the Act on Payment Institutions
12) foreign payment institutions as referred to in the Act on the Operation of Foreign Payment Institutions in Finland (298/2010), when providing payment services in Finland through a branch or an agent
13) alternative investment fund managers with authorisation as an alternative investment fund manager under the Act on Alternative Investment Fund Managers (162/2014), and depositories authorised under said Act
14) branches of foreign alternative investment funds as referred to in the Act on Alternative Investment Fund Managers as well as alternative investment fund managers under the registration obligation referred to in said Act and Finnish branches of foreign depositories
15) insurance intermediaries as referred to in the Insurance Distribution Act (234/2018) and Finnish branches of foreign insurance intermediaries insofar as insurance policies falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008) are concerned
16) Finnish credit intermediaries as referred to in the Act on Intermediaries of Consumer Credit Relating to Residential Property (852/2016) and Finnish branches of foreign credit intermediaries.
The FIN-FSA’s further guidance:
The FIN-FSA recommends that the following obliged entities as referred to in chapter 1, section 2 of the AML Act also comply with the Guidelines, as applicable:
1) branches of foreign entities corresponding to the supervised entities listed above in subparagraphs 1, 3, 4, 5, 6, 8,10 and 13 of paragraph 1 and foreign entities corresponding to such supervised entities, where the entity provides services in Finland through a representative without establishing a branch
2) insurance companies and special purpose vehicles as referred to in the Insurance Companies Act (521/2008) when pursuing activities other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)
3) employee pension insurance companies as referred to in the Act on Employee Pension Insurance Companies (354/1997)
4) branches of third country insurance companies as referred to in the Act on Foreign Insurance Companies (398/1995) when pursuing activities other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)
5) Finnish central counterparties as referred to in the Act on the Book-Entry System and Settlement Activities
6) entities as referred to in Article 27(2) 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, which have been granted authorisation as referred to in Article 28 of said Regulation
7) holding companies that have been granted authorisation to pursue holding company activities as stipulated in chapter 2 a of the Credit Institutions Act
8) approved public arrangements as referred to in Article 2(1)(34), and approved reporting mechanism as referred to in Article 2(1)(36), of Regulation (EU) No 600/2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, to which the Financial Supervisory Authority has granted authorisation and for the supervision of which it is responsible under Article 27 b(1)(2) of said Regulation
9) branches of foreign entities corresponding to the supervised entities listed above in subparagraphs 2–8
10) foreign entities corresponding to the supervised entities listed above in subparagraphs 2–8, where the entity provides services in Finland through a representative without establishing a branch
11) local mutual insurance associations as referred to in the Local Mutual Insurance Associations Act (1250/1987)
12) insurance intermediaries as referred to in the Insurance Distribution Act (234/2018) and Finnish branches of foreign insurance intermediaries insofar as insurance policies other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008) are concerned, ancillary insurance intermediaries as well as Finnish branches of foreign insurance intermediaries and ancillary insurance intermediaries
13) virtual currency providers as referred to in the Act on Virtual Currency Providers (572/2019)
14) traders falling within the scope of application of the Act on the Registration of Certain Credit Providers and Credit Intermediaries (186/2023)
Related to these guidelines
- Regulations and guidelines 2/2023 Preventing Money Laundering and Terrorist Financing
- Guidelines on ML/TF risk factors (revised) | European Banking Authority (europa.eu)
Publications
Contact information
Jonna Ekström, Chief Legal Counsel
tel. +358 9 183 5531 , e-mail: jonna.ekstrom(at)finanssivalvonta.fi or aml-authorities(at)fiva.fi