FIN-FSA invites comments on regulations and guidelines on customer due diligence related to compliance with sanctions regulation and freezing orders – consultation closes on 22 September 2023
The Financial Supervisory Authority (FIN-FSA) is requesting comments on its regulations and guidelines on customer due diligence related to compliance with sanctions regulation and freezing orders.
The objective of the regulations and guidelines is to provide entities supervised by the FIN-FSA with binding regulations, interpretations and recommendations to comply with sanctions regulation. The regulations and guidelines seek to guide supervised entities in their actions to ensure compliance with sanctions regulation and freezing orders. Another objective is to provide supervised entities with more detailed guidance on the practical arrangement of effective policies, procedures and internal control required by regulation. More detailed regulations and guidelines are provided on the organisation of the supervised entity’s activities, evaluation of risks, customer due diligence, sanctions screening, asset freezing, management methods for sanctions risk and related reporting.
The authority to supervise procedures concerning sanctions compliance is a new one for the FIN-FSA, and there is no previously published set of regulations and guidelines on the subject.
The request for consultation is available in the lausuntopalvelu.fi service. Comments are invited through the lausuntopalvelu.fi service at the latest on 22 September 2023.
The FIN-FSA will also arrange a hearing on the subject. The hearing will be held on 7 September 2023 at the FIN-FSA's premises, and it can also be accessed remotely. Registration to the hearing event takes place through the link by 4 September 2023. The hearing will be held in Finnish.
Participants to the hearing may send questions in advance to be addressed in the event. Please send your questions by 4 September 2023 at: anssi.leisio(at)fiva.fi.
For further information, please contact
Anssi Leisio, Senior Specialist, anssi.leisio(at)fiva.fi or telephone +358 9 183 5524