FIN-FSA published AML supervision strategy - effectiveness of sanctions monitoring to be improved by legislative reform

The Financial Supervisory Authority (FIN-FSA) has published a supervision strategy for anti-money laundering. The objective of the strategy is to reduce the risk of money laundering, terrorist financing and breaches of financial sanctions in the operation of supervised entities. In March, the Parliament adopted a partial reform of the Anti-Money Laundering Act, which provides the FIN-FSA with the authority to supervise compliance with sanctions in the financial sector more effectively than before.

The FIN-FSA's anti-money laundering strategy, adopted at the beginning of the year, emphasises a risk-based approach and effectiveness, and it also covers supervision of the prevention of terrorist financing and compliance with sanctions.

– The supervision of money laundering concerns all of our supervised entities and it is based on constant work. If there are suspicions of failures or breaches, we have access to a variety of tools, from reprimand to the withdrawal of authorisation and sanctions, says Pekka Vasara, Head of Division.

The FIN-FSA's preventative role, i.e., communication and guidance, play a key role in the strategy. In recent years, the market has seen an influx of small and international operators of a new kind, which may not be aware of legislative expectations. The objective of supervision is always that supervised entities can operate properly and there is no need for sanctions.

Supervision covers the whole lifecycle of all entities, starting from the application for registration or authorisation. Entities representing the most significant overall risk are subject to ongoing supervision as well annual inspections or thematic reviews.

Sanctions monitoring in cooperation with other authorities

Last year, the Western world imposed unprecedentedly extensive sanctions on Russia after it had invaded Ukraine. Following the partial reform of the AML Act adopted by the Parliament in March, the FIN-FSA will be vested with the authority to supervise compliance with financial sanctions.

– Thanks to the legislative amendment, we will be able to intervene more effectively in any shortcomings and failures, whereas until now we have been supervising indirectly with incomplete authority. We will focus in particular on ensuring that supervised entities have adequate and commensurate processes to monitor their own compliance with sanctions, states Pekka Vasara.

Similarly to other areas of supervision, this effort is also based on cooperation among authorities. The Ministry for Foreign Affairs provides guidelines on the interpretation of regulations on sanctions and processes exemptions related to sanctions. The Enforcement Authority is responsible for the freezing of assets. When an authority suspects, for example, a breach or circumvention of sanctions, it will be examined by the police.

The legislative amendment became effective on 31 March 2023. The FIN-FSA will focus its supervision at a more detailed level when the regulations on compliance with sanctions are finalised.

Contact information

For further information, please contact Pekka Vasara, Head of Division, Anti-Money Laundering.

Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030 Mon–Fri 9:00–16:00.


AML supervision strategy



Media phone service numbercan be contacted on weekdays 9–16, except on Holy Thursday and New Year’s Eve on 9–13

Tel:+358 9 183 5030

About Finanssivalvonta

PL 103, Snellmaninkatu 6
00100 Helsinki

09 183 51

Finanssivalvonta, or the Financial Supervisory Authority (FIN-FSA), is the authority for supervision of Finland’s financial and insurance sectors. The entities supervised by the authority include banks, insurance and pension companies as well as other companies operating in the insurance sector, investment firms, fund management companies and the Helsinki Stock Exchange. We foster financial stability and confidence in the financial markets and enhance protection for customers, investors and the insured.

Subscribe to releases from Finanssivalvonta

Subscribe to all the latest releases from Finanssivalvonta by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Finanssivalvonta

Marko Myller utnämnd till chef för Finansinspektionens banktillsynsavdelning22.11.2023 14:55:00 EET | Tiedote

Finansinspektionens direktion har utnämnt magistern i samhällsvetenskaper Marko Myller till avdelningschef vid banktillsynsavdelningen för en femårsperiod från och med den 1 januari 2024. Avdelningschefen är medlem av Finansinspektionens ledningsgrupp och rapporterar till direktören. Finansinspektionens banktillsynsavdelning svarar för tillsynen av kapitaltäckning och likviditet i kreditinstitutssektorn i samarbete med Europeiska centralbanken och för uppförandetillsynen av banker och andra konsumentkreditgivare. Avdelningen övervakar bland annat kreditinstitutens interna styrning, riskhanteringsprocesser och risktagande. Till avdelningens uppgifter hör också att utveckla regelverket för banker. Marko Myller har varit byråchef för banktillsynsavdelningens byrå för löpande tillsyn 1 och suppleant i Europeiska bankmyndighetens (EBA) tillsynsstyrelse och Europeiska centralbankens (ECB) tillsynsnämnd. Löpande tillsyn 1 svarar för tillsynen av Nordeas kapitaltäckning och likviditet som ett

Marko Myller Finanssivalvonnan Pankkivalvonta-osaston osastopäälliköksi22.11.2023 14:55:00 EET | Tiedote

Finanssivalvonnan johtokunta on nimittänyt yhteiskuntatieteiden maisteri Marko Myllerin Pankkivalvonta-osaston osastopäälliköksi viiden vuoden määräajaksi 1.1.2024 alkaen. Osastopäällikkö on Finanssivalvonnan johtoryhmän jäsen ja raportoi johtajalle. Pankkivalvonta-osasto vastaa luottolaitossektorin vakavaraisuus- ja maksuvalmiusvalvonnasta yhteistyössä Euroopan keskuspankin kanssa sekä pankkien ja muiden kuluttajaluotonmyöntäjien menettelytapojen valvonnasta. Osastolla valvotaan muun muassa luottolaitosten hallinnon luotettavuutta, riskienhallinnan menettelyjä ja riskinottoa. Pankkisääntelyn kehittäminen on osa osaston toimintaa. Marko Myller on toiminut Pankkivalvonta-osastolla Jatkuva valvonta 1 -toimiston toimistopäällikkönä sekä varajäsenenä Euroopan pankkiviranomaisen EBAn hallintoneuvostossa ja Euroopan keskuspankin valvontaneuvostossa. Jatkuva valvonta 1 -toimiston vastuulla on Nordean vakavaraisuus- ja maksuvalmiusvalvonta osana EKP:n yhteistä valvontatiimiä. 1.7.2023 alkaen M

Marko Myller appointed Head of Banking Supervision at Financial Supervisory Authority22.11.2023 14:55:00 EET | Press release

The Board of the Financial Supervisory Authority (FIN-FSA) has appointed Marko Myller, MSocSc, Head of the FIN-FSA's Banking Supervision Department for a five-year term, commencing 1 January 2024. As Head of Department, he will be a member of the FIN-FSA’s management group and will report to the Director General. Banking Supervision is responsible for prudential supervision of the credit institution sector in cooperation with the European Central Bank (ECB), and for supervising the conduct of banks and other consumer credit providers. The Department's responsibilities include supervision of the internal governance, risk management procedures and risk taking of credit institutions. The development of banking regulation is also part of the Department’s activities. Marko Myller's previous positions include Head of the FIN-FSA's Off-Site Supervision 1 Division. He has also served as alternate of the Board of Supervisors of the European Banking Authority (EBA) and alternate of the Superviso

De svaga ekonomiska utsikterna försämrar den finansiella sektorns omvärld – riskerna ökar framför allt på fastighetsmarknaden12.9.2023 10:00:00 EEST | Tiedote

Den svaga ekonomiska tillväxten och osäkerheten i de ekonomiska utsikterna har hållit riskerna inom den finansiella sektorn i Finland på en hög nivå under början av året. Riskerna ökar framför allt på fastighetsmarknaden. Den finansiella sektorns starka soliditet skyddar mot de risker som den försämrade omvärlden medför.

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom