Penalty payment of EUR 500,000 to LocalBitcoins Oy for failures to comply with anti-money laundering regulations
3.6.2025 14:00:00 EEST | Finanssivalvonta | Press release
The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment of EUR 500,000 on LocalBitcoins Oy for failures in identifying and verifying the identities of customers when establishing a permanent customer relationship.
The overall assessment concerning the amount of the penalty payment took account of the nature, extent and duration of the non-compliance with a key obligation in anti-money laundering (AML). The financial position of LocalBitcoins Oy was also taken into consideration in the assessment.
The failures were discovered in an inspection conducted by the FIN-FSA in 2024, the purpose of which was to examine how LocalBitcoins Oy executes, among other things, counter-terrorist financing and anti-money laundering measures.
The penalty payment is payable to the State.
The FIN-FSA’s decision is not yet legally binding. LocalBitcoins Oy has the right to appeal the decision adopted on 2 June 2025 to the Helsinki Administrative Court within 30 days of receipt of the decision.
For further information, please contact
Janne Häyrynen, Head of Unit, Legal. Requests for interviews are coordinated by FIN-FSA Communications, tel +358 9 183 5030 (weekdays 9.00–16.00).
Appendix
Decision of the Financial Supervisory Authority (pdf, in Finnish)
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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.
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