The new Act on Detecting and Preventing Money Laundering and Terrorist Financing entered into force of 3 July 2017. Here are some of the new obligations that the act brings with it.

All entities: (Not applicable to companies or corporations whose securities are admitted to public trading on a regulated market in accordance with the Act on Trading in Financial.)

  • Entities must obtain and maintain up-to-date information on their beneficial owners.
  • Entities must draw up a list of their beneficial owners.
  • Beneficial owners must be registered with the Finnish Patent and Registration Office on 1 July 2019.

Entities with a statutory notification obligation:

  • Obliged entities must draft a risk assessment to identify and assess the risks relating to money laundering and terrorist financing. The risk assessment must be completed no later than on 31 December 2017.
  • Obliged entities to have in place policies, controls and procedures to mitigate and manage effectively the risk factors identified in their operations.
  • Obliged entities must have an independent channel (whistleblowing channel), for reported suspected breaches of regulations.
  • Obliged entities must see to it that their employees are trained to ensure compliance with the act.
  • Obliged entities must appoint an internal compliance officer with respect to the requirements of the act.

I have discussed this new act in more detail in an earlier article. I would be happy to answer any further questions you may have.