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Summary of sector-specific assessment of money laundering risk concerning payment service providers has been published

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On 24 August 2020, the Financial Supervisory Authority (FIN-FSA) published a summary of the sector-specific assessment of money laundering risk concerning payment service providers. The FIN-FSA assessed that the level of money laundering risk affecting the payment service sector as a whole is Significant, which indicates the second-highest risk level on a four-step scale. The risk level is elevated in particular due to shortcomings in the PSPs’ management methods for money laundering risks.

The sector-specific risk assessment considers money laundering risks related to the activities of payment institutions, branches of foreign payment institutions and registered payment providers operating in Finland. The sector-specific risk assessment builds on the supervisor-specific assessment of inherent risk published on 17 March 2020, and it utilises the inherent risk levels defined for various products and services in the assessment of inherent risk. In preparing the assessment, attention was also paid to risk factors related to customers, distribution channels and the geographical dimension of activities, as well risk management methods.

For further information, please contact

  • Viivi Jantunen, Risk Expert, telephone +359 9 183 5008 or viivi.jantunen(at)fiva.fi (until 28 August 2020)
  • Pekka Vasara, Head of Division, telephone +358 9 183 5513 or pekka.vasara(at)fiva.fi

Appendix

Summary of the risk assessment on the payment service sector

Further information on the risk assessment on FIN-FSA’s website.

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Regulator Information

Abbreviation: FIN-FSA
Jurisdiction: Finland

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