Regulatory Alerts2023-01-01 | FIN-FSA Regulations and guidelines 4/2023Customer due diligence related to compliance with sanctions regulation and national freezing orders
The Finnish Financial Supervisory Authority (FIN-FSA) issued Regulations and guidelines 4/2023 to establish requirements for customer due diligence in the context of sanctions regulation and national freezing orders. These guidelines, which became valid on 1 March 2024 and were updated on 8 January 2025, apply to supervised entities within the financial sector to ensure compliance with legal obligations. The document serves as a comprehensive guide for implementing risk management and due diligence procedures aligned with current regulatory frameworks.
Regulations and guidelines 4/2023 (pdf)
Customer due diligence related to compliance with sanctions regulation and national freezing orders
valid from 1 March 2024 until further notice
date of change 8 January 2025
Regulations and guidelines 4/2023 Customer due diligence related to compliance with sanctions regulation and national freezing orders (version 2)
More information
Request for Comments (FIVA/2023/951) Regulations and guidelines: Customer due diligence related to compliance with sanctions regulation and national freezing orders
Summary of comments
FIN-FSA regulations and guidelines
Commencement of activities
Payment institutions and persons providing payment services without a license
Consumer credit providers and peer-to-peer lending intermediaries
Organisation of supervised entities’ operations
Organisation of alternative fund management activities and procedures
Outsourcing in supervised entities belonging to the financial sector
Reporting of mortgage bank operations
Alternative fund managers
Organisation of investment services activities and procedures
Preventing Money Laundering and Terrorist Financing
Customer due diligence related to compliance with sanctions regulation and national freezing orders
Risk management
Risk reporting by credit institutions
Reporting of funding plans
Management of operational risk in supervised entities of the financial sector
Management of credit risk and assessment of creditworthiness by supervised entities in the financial sector
Risk management concerning mortgage bank operations
Accounting, financial statements and management report
Regulations and guidelines on accounting, financial statements and management report: Insurance companies, occupational pension insurance companies, insurance associations, insurance holding companies, branches of third-country insurance companies and pension institutions established by law
Regulations and guidelines on accounting, financial statements and management report: Pension funds and pension foundations
Regulations on accounting, financial statements and management report: Sickness funds and funeral and severance benefit funds
Financial sector regulations and guidelines on reporting of financial information (FINREP)
Accounting, financial statements and management report of the financial sector
Capital adequacy
Common European Reporting (COREP)
Regulations and Guidelines related to the Capital Requirements Regulation
Prudential reporting for investment firms (IF)
Conduct of Business
Methods used to calculate the maximum compensation charged for early repayment of housing loans
Disclosure of expenses and returns of long-term savings agreements and insurance policies
Calculation of maximum loan-to-value ratio
Procedures to be followed in banking services
Management of default risks in consumer lending
Operations of securities markets
Takeover bid and the obligation to launch a bid
Public insider register of market participants, occupational pension insurance companies and fund management companies
Trading parties from third countries
Regulations and guidelines on disclosure obligation
Insurance operations