- in European Union
The Regional State Administrative Agency for Southern Finland has issued a €540,000 fine to online retailer Verkkokauppa.com for failings under the Anti-Money Laundering Act. As one of the compliance requirements under the act is compliance with EU and UN sanctions, some of the compliance failings identified included a lack of sanctions screening for customers, including high risk customers seeking to pay cash.
The full Decision is here.
My thanks to Aleksi Pursiainen for mentioning this case on the most recent monthly sanctions webinar hosted by the Network for Financial Crime Prevention.
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