Rahapesuvastase

Rahapesuvastase is a Finnish term referring to the system of measures and practices designed to prevent money laundering and the financing of terrorism. It encompasses legal, regulatory, and operational steps taken by financial institutions, professional services firms, and authorities to detect and deter illicit funds.

Key components include customer due diligence (CDD) and know-your-customer (KYC) requirements, ongoing transaction monitoring, record-keeping, and the reporting of suspicious activities to the competent authorities. The regime also promotes transparency of beneficial ownership and screening against sanctions lists. A risk-based approach is commonly used, with higher scrutiny for higher-risk customers and products, such as politically exposed persons and complex or high-value transactions.

Regulatory framework: The Finnish AML/CFT regime is aligned with international standards set by the Financial Action Task Force (FATF) and the European Union. Nationally, measures are implemented through laws and guidelines that regulate banks, payment service providers, real estate professionals, lawyers, and other sectors susceptible to money laundering. Enforcement and supervision are carried out by Finanssivalvonta (the Financial Supervisory Authority) and other law enforcement agencies.

Impact and challenges: Effective rahapesuvastase helps prevent the entry of illicit funds into the economy but can impose substantial compliance costs on businesses and raise privacy concerns. Ongoing debates focus on achieving a balance between effective enforcement, proportionality, and innovation, including digital identities, data analytics, and coverage of new payment methods and digital assets.

See also: Money laundering, Anti-money laundering, Counter-terrorism financing, FATF, EU AML directives.