October 18 2019
Finland is planning to establish its first “wall of shame” for companies and other so-called “reporting entities” that have not taken the necessary steps to prevent money laundering in line with the 2017 Anti-Money Laundering Act.
The list would for example include automobile dealers or real estate brokers who have not fulfilled the obligations of the law, which include doing due diligence on their customers and providing appropriate employee training on the subject. For instance, the new law requires business owners to check the identity of anyone making a purchase worth more than 10,000 euros.
