Money laundering represents the legalization of funds from criminal or illegal sources through a legitimate payment system. Terrorist financing represents the funding of terrorists to carry out terrorist activities. Money laundering represents the legalization of funds from criminal or illegal sources through a legitimate payment system. Terrorist financing represents the funding of terrorists to carry out terrorist activities. Therefore, financial crimes pose significant threats to the whole world as well as for Finland.
Finland has made clear in the Act on Preventing Money Laundering and Terrorist Financing that money laundering and terrorist financing is a crime. This act states which activities will be criminalized and the penalties for money laundering activities. Finland's national AML acts and regulations are based on European Union directives and FATF recommendations. National Bureau of Investigation (NBI) operates as the Financial Intelligence Unit in Finland. The National Bureau of Investigation is responsible for detecting and preventing financial crimes.
"Know Your Customer" and "Customer Due Diligence" obligations have a large place among AML obligations in Finland. According to Know Your Customer procedures, customer information must be collected before companies start a business relationship with a customer and the accuracy of this information must be checked. Then the company has to apply a risk assessment to the customer with CDD procedures. During the risk assessment, sanction, PEP and adverse media screening is performed. With these controls, companies aim to detect potential risks during customer account opening.
AML Name Screening Software provides sanction, PEP and adverse media screening services. In our AML database, there are sanction, PEP and adverse media data of more than two hundred countries and all this data is updated instantly. With AML Name Screening Software, companies operating in Finland can complete CDD procedures in seconds and ensure AML compliance.
Financial institutions must put in place an adequate control mechanism to detect suspicious transactions. Money laundering methods have changed since the past. And every year we are faced with a new money laundering technique. Today, Transaction Monitoring Software is preferred over manual methods in order not to be vulnerable to changing money laundering techniques. With Transaction Monitoring Software, companies create risk scenarios and automatically control all customer transactions. Suspicious transactions with alerts must be reported to the financial intelligence unit.
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