Anti-Money Laundering and Counter Terrorist Financing Services (AML AND CFT/CTF)
Anti-money laundering and counter terrorist financing as part of responsible business
Regulations on the anti-money laundering (AML) and counter terrorist financing (CTF or CFT = Combating the Financing of Terrorism) aim to ensure that global financial markets adhere to consistent procedures for knowing their customers (KYC = Know Your Customer) to prevent money laundering and terrorist financing. The continuous development and expansion of these regulations into new sectors, including those beyond financial markets, cause challenges for many companies, as the regulations impose a wide range of obligations on those who fall within the scope of the AML and CFT/CTF regulations (an obligated entity). The obligated entities must for example draft a risk assessment to identify and assess the risk of money laundering and terrorist financing. Additionally, risk factors must be identified, risk management methods prepared, and the effectiveness of these methods evaluated to calculate the residual risk. The risk assessment is base for the company’s policies and procedures regarding customer identification, identity verification, collection of KYC data, and many other requirements set out in the regulations.
Responsible business requires active measures from obliged entities to ensure regulatory compliance. It is not enough that the necessary documents were once prepared; they must also be updated to correspond potentially changed and expanded activities, as well as continuously amended regulations.
Our experts have strong expertise on the changing regulatory environment. Due to our broad and diverse experience, we find practical and cost-effective solutions for companies operating in different industries. We help to minimize the risks with simple and tailored processes, draft the necessary documents, and handle cooperation with supervisory authorities.
We have advised various financial sector operators and other companies on implementing regulations related to anti-money laundering and counter terrorist financing at the practical business level, both for individual matters and as part of our compliance services, as well as in connection with registration and licensing processes.
Our AML and CFT/CTF clients include a wide range of financial sector operators such as credit institutions, payment institutions, consumer credit and corporate finance companies, insurance companies, insurance intermediaries, fund management companies, investment service companies, moneychangers, cryptocurrency providers, and many other companies who fall within the scope of the regulation, such as car dealers, real estate and rental agents, accountants, and debt collection agencies.
We offer our services in Finnish, Swedish, and English.
Our services
- Advice on issues related to anti-money laundering and counter terrorist financing
- We assess whether your company is an obliged entity as defined by the regulations
- Guidance in drafting risk assessment and policies
- Assistance with know your customer processes (e.g., simplified customer due diligence, identification of the beneficial owner, enhanced customer due diligence, non-face-to-face identification, procedures related to politically exposed persons (PEP)
- Training on AML and CFT/CTF topics and know your customer matters (in-person, webinars, e-learning)
- Questions related to the obligation to maintain a whistleblowing (WB) channel
- Assistance in investigating and reporting suspicious transactions
Our experts are happy to assist with any issues related to preventing of money laundering and terrorist financing, taking into account the individual needs of your company.
Our team
Katariina Pesonen, Emilia Lostedt, Hanna Huttunen, Erika Leinonen, Mikko Koskinen, Jesse Kinnaslampi, Lotta Koskela and Rebecca Rafkin.
Lexia’s Anti-Money Laundering and Counter Terrorist Financing practice’s news and events
Explore the news and articles from the Anti-money laundering and counter terrorist practice, as well as upcoming and past webinars on the Anti-money laundering and counter terrorist practice’s latest updates page.
