FIN-FSA’s AML supervision strategy has been published
The Financial Supervisory Authority (FIN-FSA) has published a new supervision strategy for anti-money laundering (AML), adopted at the beginning of 2023, which also covers supervision of the prevention of terrorist financing and compliance with financial sanctions. The objective of the strategy is to reduce the risk of money laundering, terrorist financing and failures in compliance with financial sanctions in the operation of supervised entities.
The key objectives of the strategy are:
- Supervised entities receive information in an effective manner about the level of anti-money laundering measures required by the FIN-FSA. The requirements are recorded in the FIN-FSA’s regulations and guidelines as well as supervision letters, among other things.
- Supervision is targeted on the basis of risks. The FIN-FSA observes a methodology established by it for the selection of higher-risk sectors and individual supervision objects.
- Supervision is proportionate and effective. Remediating actions and follow-up are taken into account in supervision.
AML supervision actions are targeted in accordance with the strategy at different sectors based on the associated risk of money laundering and terrorist financing and their significance in general. Entities representing the most significant overall risk are subject to ongoing supervision as well as annual inspections or thematic assessments.
Supervised entities involving the lowest overall risk will be subject to supervisory actions in particular based on information from the reporting of ML/TF risks and controls (RA survey) as well as external alert signals.
The FIN-FSA emphasises that supervisory actions may be targeted at any supervised entity, even where they operate in a lower-risk sector, if the FIN-FSA detects an elevated risk of money laundering or terrorist financing in their operation.
The strategy defines the supervisory actions for money laundering available to the FIN-FSA, allowing it to choose the most suitable tool for achieving the objectives in any situation.
The supervision strategy for anti-money laundering is available in full at the FIN-FSA website.
For further information, please contact
Pekka Vasara, Head of Division, telephone +358 9 831 5513