Money remittance service providers Roble Services Oy and Alami Services Oy have both been fined by the Finnish Financial Supervisory Authority (FIN-FSA) for failing to comply with AML regulation.

Roble Services Oy was fined €25,000 ($27,175) for failing to set up an adequate risk assessment, and for not properly assessing money laundering and terrorist financing risks within customer relationships.

The most most severe infringement, according to the authority, was when the company failed to submit mandatory reports to the Financial Intelligence Unit on individual or linked payments or remittances with a value of at least €1,000 ($1,087).

FIN-FSA discovered the failures in 2022 when it examined how Roble Services Oy complied with the obligations of the Act on the Prevention of Money Laundering and Terrorist Financing.

“The overall assessment concerning the amount of the penalty payment reflects the nature, extent and long duration of the failures to comply with key obligations in anti-money-laundering,” Fin-FSA said.

30 days to appeal

The second fine of €15,000 ($16,309) was imposed on Alami Services Oy for the same failure to comply with the mandatory reports to the Financial Intelligence Unit on individual or linked payments or remittances with a value of at least €1,000.

Alami Services Oy’s failures were also found in connection with an inspection on how the company complied with the Act on the Prevention of Money Laundering and Terrorist Financing in 2022.

Both companies have the right to appeal the decisions to the Helsinki Administrative Court within 30 days.