A summary of the FIN-FSA’s risk assessment of money laundering and terrorist financing for the credit institution sector has been published
The Financial Supervisory Authority (FIN-FSA) has published a summary of its assessment of the sector-specific risks of money laundering and terrorist financing for the activities of the credit institutions under its supervision. The sector-specific risk assessment is partly based on the FIN-FSA’s inherent risk assessment of money laundering and terrorist financing, which was published in April 2022.
In the FIN-FSA’s assessment, the overall risk related to money laundering and terrorist financing in the credit institution sector is significant. The increased risk of money laundering and terrorist financing related to the products and services offered in the sector particularly contributes to this. The risk related to products and services is highlighted by the fact that the risk of credit institutions engaged in deposit bank activities is higher compared to the risk of credit institutions that only offer various financial services. The risk assessment has taken into account shortcomings, observed in connection with supervision, in credit institutions’ risk management methods, which have the effect of increasing the overall risk.
The sector-specific risk assessment will guide the FIN-FSA’s prevention of money laundering and terrorist financing supervisory measures directed at credit institutions in the coming years. Supervision will primarily be targeted at where there is a potentially higher risk associated with management methods. In addition, the purpose is to survey more extensively than before the level of the risk management methods of different credit institutions.
For further information, please contact
Viivi Jantunen, Risk Specialist, telephone +358 9 183 5008 or viivi.jantunen(at)fiva.fi