Rahapesuvastast

Rahapesuvastast is a Finnish-language term used to refer to anti-money laundering (AML) measures and policies designed to prevent money laundering and the financing of terrorism. In Finnish policy discourse and regulatory documents, the concept covers the laws, risk assessments, and supervisory practices aimed at detecting illicit financial activity and ensuring transparency in financial transactions.

Legal and institutional framework: In Finland, AML obligations arise from national legislation aligned with EU directives and international standards such as the FATF recommendations. The Financial Supervisory Authority (FIN-FSA) supervises financial institutions, while law enforcement and financial intelligence units handle investigations and intelligence gathering. The system relies on banks and other obligated entities to perform customer due diligence, monitor transactions, and report suspicious activity.

Core measures: Typical components include customer due diligence (CDD) and enhanced due diligence for higher-risk customers, ongoing transaction monitoring, suspicious transaction reporting, record-keeping, and the identification of beneficial owners. Institutions apply a risk-based approach to tailor controls and conduct regular staff training, audits, and compliance assessments.

Impact and challenges: AML measures aim to reduce illicit finance, protect the integrity of the financial system, and support law enforcement. Challenges include keeping pace with innovative financial products and technologies, balancing privacy with reporting requirements, ensuring cross-border cooperation, and addressing enforcement and compliance costs for businesses.

Related topics: Money laundering and anti-money laundering frameworks, FATF international standards, EU AML directives, and the work of the Finnish Financial Supervisory Authority (FIN-FSA).