Money laundering supervision register improves oversight

The Regional State Administrative Agency for Southern Finland supervises compliance with the Act on Preventing Money Laundering and Terrorist Financing (444/2017) on a national basis. One of the Regional State Administrative Agency’s supervisory tools to step up supervision of the Act on Preventing Money Laundering and Terrorist Financing (Money Laundering Act) is the money laundering supervision register. This streamlines contact between the Regional State Administrative Agency and the supervised entities on guidance and the reporting and collection of information.

The Money Laundering Act obliges operators supervised by the Regional State Administrative Agency to apply for registration in the money laundering supervision register. There is no need to apply for registration where the business requires a licence or where the operator belongs on another trade register. The registration obligation applies to i.a. parties offering accounting, legal and tax advice services, financial and business consultancy operators and, in certain respects, dealers in arts and goods.

The money laundering supervision register is public, thereby allowing anyone to be able to search for information about the companies and private traders in the register. Searches in the register may be made using the operator’s name, business identity code or sector. This means you can check to see whether your business partners or customers have applied for registration in the money laundering supervision register. Find out more at supervision register!

There are currently more than 1,600 operators in the money laundering supervision register. However, not yet all operators who should be in the register are there. The Regional State Administrative Agency points out that the registration obligation has been in force since July 2019 and that failure to register constitutes a ground to order an administrative fine under the Money Laundering Act. 

Avi’s new website launched

The key to supervising compliance with the Money Laundering Act is to ensure that the entities we supervise know and are aware of their responsibilities. Our website is an important channel for sharing this guidance. The website has now been redesigned and provides comprehensive information on legal obligations such as knowing the customer, preparing a risk assessment and reporting a suspicious transaction.

There is also an electronic reporting channel on our website to report any suspected violation of the Money Laundering Act. A company employee or customer can use the reporting channel to report any violation of the law. Reports of suspected violations may also be made anonymously. We benefit from the reports received in our supervision work. Check out our website and give us feedback on what we have done well and where we can still improve.  

More information from: rahanpesu(at)avi.fi

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