Finland will bolster its anti-money laundering department and implement a more stringent risk-based approach to supervision following criticism of its measures for combating financial crime.
On the same day that the Financial Action Task Force (FATF) published its latest mutual evaluation of the country, Finland responded with targeted measures to address the shortcomings laid out in the report.
The international standard-setting body identified two main areas of weakness for the Nordic state: a lack of understanding of key AML and counter-terrorist financing (CTF) risks, and that supervisors are “significantly under-resourced”.
Request a Free Trial
As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.Take a Trial