Life and non-life insurance

EIOPA's guidelines on complaints-handling by insurance undertakings (EIOPA-BoS-12/069)

• valid from 1 November 2012

Scope of application:

• insurance companies
• insurance associations
• Finnish branches of foreign insurance companies authorised in a state not belonging to the European Economic Area
• Finnish branches of foreign EEA insurance companies
• foreign insurance companies authorised in a state other than Finland providing services in Finland without establishing a branch

EIOPA’s guidelines do not apply to complaints concerning the following types of statutory insurance insofar as the complaint concerns the statutory complaints process:

• motor third party liability insurance
• accident insurance.

These guidelines are related to:

• EIOPA's report on Best Practices by Insurance Undertakings in handling complaints (EIOPA-BoS-12/070)
• One-Minute Guide - EIOPA Guidelines on Complaints-Handling by Insurance Undertakings (EIOPA-BoS-12/091)
• Link to the guidelines available on EIOPA’s website

Contact information:

Päivi Turunen, Senior Supervisor
tel. +358 9 183 5557, email: paivi.turunen(at)fiva.fi

EIOPA's preparatory guidelines on product oversight and governance arrangements by insurance undertakings and insurance distributors (EIOPA-BoS-16/071)

• valid from 5 September 2016

Scope of application:

• life and non-life companies
• insurance associations
• insurance intermediaries

These guidelines are related to:

• EIOPA’s guidelines are included in the existing regulations on insurance distribution, see the IDD regulations on the FIN-FSA’s website

• Link to the guidelines available on EIOPA’s website

Information releases:

• Guidelines on product oversight and governance for insurance companies, insurance associations and insurance intermediaries (in Finnish)

Contact information:

Päivi Turunen, Senior Supervisor
tel. +358 9 183 5557, email: paivi.turunen(at)fiva.fi

EIOPA's guidelines on contract boundaries (EIOPA-BoS-14/165)

• valid from 1 April 2015

Scope of application:

• life-, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• EIOPA's revised guidelines on contract boundaries
• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)
• Amendment to Regulations and Guidelines 1/2015: Life and non-life undertakings, Solvency II Guidelines, Part I 

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA's revised guidelines on contract boundaries

• valid from 1 January 2023

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Final Report on the Public Consultation on the revision of the Guidelines on Contract Boundaries (EIOPA-BoS-22/218)
• EIOPA's guidelines on contract boundaries (EIOPA-BoS-14/165)
• Link to the guidelines available on EIOPA’s website

Information releases:

• Amendment to Regulations and Guidelines 1/2015: Life and non-life undertakings, Solvency II Guidelines, Part I

Contact information: 

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA's guidelines on the valuation of technical provisions (EIOPA-BoS-14/166)

• valid from 1 January 2021

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• EIOPA's Revised Guidelines on Valuation of Technical Provisions
• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)
• Amendment to Regulations and Guidelines 1/2015: Life and non-life undertakings, Solvency II Guidelines, Part I

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA's Revised Guidelines on Valuation of Technical Provisions

• valid from 1 January 2023

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Final Report on the Public Consultation on the revision of the Guidelines on the valuation of Technical Provisions (EIOPA-BoS-22/217)
• EIOPA's guidelines on the valuation of technical provisions (EIOPA-BoS-14/166)
• Link to the guidelines available on EIOPA’s website

Information releases:

• Amendment to Regulations and Guidelines 1/2015: Life and non-life undertakings, Solvency II -Guidelines, Part I

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA's guidelines on classification of own funds (EIOPA-BoS-14/168)

• valid from 1 April 2015

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA's guidelines on ancillary own funds (EIOPA-BoS-14/167)

• valid from 1 April 2015

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA's guidelines on ring-fenced funds (EIOPA-BoS-14/169)

• valid from 1 April 2015

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA's guidelines on look-trough approach (EIOPA-BoS-14/171)

• valid from 1 April 2015

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)

Contact information: 

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA's guidelines on basis risk (EIOPA-BoS-14/172)

• valid from 1 April 2015

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website (in English)

Information releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA's guidelines on application of outwards reinsurance arrangements to the non-life underwriting risk sub-module (EIOPA-BoS-14/173)

• valid from 1 April 2015

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website (in English)

Information releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA’s guidelines on application of the life underwriting risk module (EIOPA-BoS-14/175)

• valid from 1 April 2015

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA’s guidelines on health catastrophe risk sub-module (EIOPA-BoS-14/176)

• valid from 1 April 2015

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA’s guidelines on the treatment of market and counterparty risk exposures in the standard formula (EIOPA-BoS-14/174)

• valid from 1 April 2015

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA’s guidelines on treatment of related undertakings, including participations (EIOPA-BoS-14/170)

• valid from 1 April 2015

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA’s guidelines on loss-absorbing capacity of technical provisions and deferred taxes (EIOPA-BoS-14/177)

• valid from 1 January 2016

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA’s guidelines on undertaking-specific parameters (EIOPA-BoS-14/178)

• valid from 1 April 2015

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines, Part I to enter into force on April 2015 (in Finnish)

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA’s guidelines on the use of internal models (EIOPA-BoS-14/180)

• valid from 1 April 2015

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA’s guidelines on group solvency (EIOPA-BoS-14/181)

• valid from 1 April 2015

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines, Part I to enter into force on 1 April 2015 (in Finnish)

Contact information:

Jari Niittuinperä, Chief Mathematician
tel. +358 9 183 5517, email: jari.niittuinpera(at)fiva.fi

EIOPA’s guidelines on reporting for financial stability purposes (EIOPA-BoS-15/107)

• valid from 1 January 2016

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Amendments to the Guidelines on reporting for financial stability purposes (EIOPA-17/126)
• Amendments to the Guidelines on reporting for financial stability purposes (EIOPA-BoS-18/138)
• Amendments to the Guidelines on reporting for financial stability purposes (EIOPA-22/198) (to be applied as of 31 December 2023)
• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines to enter into force on 1 January 2016 (in Finnish)

Contact information:

Kirsti Svinhufvud, Senior Specialist
tel. +358 9 183 5251, email: kirsti.svinhufvud(at)fiva.fi

EIOPA's guidelines on reporting and public disclosure (EIOPA-BoS-15/109)

• valid from 1 January 2016

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines to enter into force on 1 January 2016 (in Finnish )

Contact information:

Kirsti Svinhufvud, Senior Specialist
tel. +358 9 183 5251, email: kirsti.svinhufvud(at)fiva.fi

EIOPA's guidelines on the extension of the recovery period in exceptional adverse situations (EIOPA-BoS-15/108)

• valid from 1 January 2016

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines to enter into force on 1 January 2016 (in Finnish)

Contact information:

Silvaliisa Virri, Team Leader
tel. +358 9 183 5255, email: silvaliisa.virri(at)fiva.fi

EIOPA's guidelines on the implementation of the long-term guarantee measures (EIOPA-BoS-15/111)

• valid from 1 January 2016

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as a uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines to enter into force on 1 January 2016 (in Finnish) 

Contact information:

Insurance Supervision/Life and non-life insurance
email: vahinkojahenki(at)fiva.fi

EIOPA’s guidelines on recognition and valuation of assets and liabilities other than technical provisions (EIOPA-BoS-15/113)

• valid from 1 January 2016

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines to enter into force on 1 January 2016 (in Finnish)

Contact information:

Insurance Supervision/Life and non-life insurance
email: vahinkojahenki(at)fiva.fi

EIOPA’s guidelines on system of governance (EIOPA-BoS-14/253)

• valid from 1 January 2016

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Commencement of business and corporate governance systems of life and non-life insurance companies, Regulations and Guidelines 6/2015 (in Finnish)
• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines to enter into force on 1 January 2016 (in Finnish)

Contact information:

Silvaliisa Virri, Team Leader
tel. +358 9 183 5255, email: silvaliisa.virri(at)fiva.fi

EIOPA's guidelines on own risk and solvency assessment (EIOPA-BoS-14/259)

• valid from 1 January 2016

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• Finnish branches of foreign insurance companies authorised in a country not belonging to the European Economic Area (branches of third-country insurance companies)
• the guidelines for groups are applicable to insurance companies and insurance holding companies serving as uppermost parent companies of a group

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Solvency II Guidelines to enter into force on 1 January 2016 (in Finnish)

Contact information:

Insurance Supervision/Life and non-life insurance
email: vahinkojahenki(at)fiva.fi

EIOPA’s guidelines on PEPP supervisory reporting (EIOPA-BoS-21/260)

• valid from 22 March 2022

Scope of application:

• credit institutions
• life insurance companies
• investment firms authorised by the Financial Supervisory Authority to provide asset management services
• fund management companies
• AIFMs subject to authorisation

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Contact information:

Banking Supervision/Banking Risk Areas
Capital Markets Supervision/Investment Products and Services
Insurance Supervision/Life and non-life insurance and supervision of investment activities
tel. +358 9 183 51

EIOPA’s guidelines on Legal Entity Identifier (EIOPA-BoS-2021/456)

• valid from 1 July 2022

Scope of application:

• life and non-life insurance companies
• insurance holding companies
• the uppermost parent companies of insurance groups
• multi-sector holding companies
• branches of third-country insurance companies
• supplementary pension funds
• insurance intermediaries with cross-border activities within the European Economic Area

These guidelines are related to:

• Link to the guidelines available on EIOPA’s website

Information releases:

• Regulations and guidelines on the introduction of the LEI code to take effect on 31 December 2014 (in Finnish)
• Amendment to regulations and guidelines 9/2014 on the introduction of the LEI code

Contact information:

Kirsti Svinhufvud, Senior Specialist
tel. +358 9 183 5251, email: kirsti.svinhufvud(at)fiva.fi

EIOPA’s guidelines on information and communication technology security and governance (EIOPA-BoS-20/600)

• valid from 1 July 2021

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• the uppermost parent companies of insurance groups
• branches of third-country insurance companies
• insurance associations restructured as mutual insurance companies

These guidelines are related to:

• Commencement of business and corporate governance system of life and non-life insurance companies, Regulations and Guidelines 6/2015 (in Finnish)
• Link to the guidelines available on EIOPA’s website

Information releases

• Guidelines on the security and governance of ICT for life and non-life insurance companies (in Finnish)

Contact information: 

Pasi Korhonen, Chief Specialist
tel. +358 9 183 5514, email: pasi.korhonen(at)fiva.fi

EIOPA’s guidelines on outsourcing to cloud service providers (EIOPA-BoS-20-002)

• valid from 1 January 2021

Scope of application:

• life, non-life and reinsurance companies
• insurance holding companies
• the uppermost parent companies of insurance groups
• branches of third-country insurance companies
• insurance associations restructured as mutual insurance companies

These guidelines are related to:

• Commencement of business and governance system of life and non-life insurance companies, Regulations and Guidelines 6/2015 (in Finnish)
• Link to the guidelines available on EIOPA’s website

Information releases:

• The Financial Supervisory Authority observes EIOPA’s guidelines on outsourcing to cloud service providers in its supervisory work (in Finnish)

Contact information:

Heli Mäkitalo, Chief Supervisor
tel. +358 9 183 5369, email: heli.makitalo(at)fiva.fi

EBA guidelines on policies and controls for the effective management of money laundering and terrorist financing (ML/TF) risks when providing access to financial services (EBA/GL/2023/04)

Effective from 3.11.2023

Scope of application:

These Guidelines are applicable to the following obliged entities as referred to in chapter 1, section 2 of the Act on Preventing Money Laundering and Terrorist Financing (444/2017) (hereinafter the AML Act):

1) credit institutions and branches of third country credit institutions as referred to in the Credit Institutions Act (1055/2016)

2) financial institutions belonging to the same consolidation group with a credit institution as referred to in the Credit Institutions Act

3) insurance companies and special purpose vehicles as referred to in the Insurance Companies Act (521/2008) when pursuing activities falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

4) branches of third country insurance companies as referred to in the Act on Foreign Insurance Companies (398/1995) when pursuing activities falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

5) fund management companies as referred to in the Act on Common Funds (213/2019) and depositories authorised under the said Act

6) investment firms and branches of third country firms as referred to in the Investment Services Act (747/2012)

7) branches of a foreign EEA investment firm as referred to in the Investment Services Act

8) a central securities depository as referred to in the Act on the Book-Entry System and Settlement Activities (348/2017), including a registration fund and settlement fund established by such

9) account operators as referred to in the Act on the Book-Entry System and Clearing Operations and foreign corporations’ Finnish offices which have been granted the rights of an account operator

10) payment institutions as referred to in the Payment Institutions Act (297/2010)

11) natural and legal persons as referred to in sections 7, 7 a and 7 b of the Act on Payment Institutions 

12) foreign payment institutions as referred to in the Act on the Operation of Foreign Payment Institutions in Finland (298/2010), when providing payment services in Finland through a branch or an agent

13) alternative investment fund managers with authorisation as an alternative investment fund manager under the Act on Alternative Investment Fund Managers (162/2014), and depositories authorised under said Act

14) branches of foreign alternative investment funds as referred to in the Act on Alternative Investment Fund Managers as well as alternative investment fund managers under the registration obligation referred to in said Act and Finnish branches of foreign depositories

15) insurance intermediaries as referred to in the Insurance Distribution Act (234/2018) and Finnish branches of foreign insurance intermediaries insofar as insurance policies falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008) are concerned

16) Finnish credit intermediaries as referred to in the Act on Intermediaries of Consumer Credit Relating to Residential Property (852/2016) and Finnish branches of foreign credit intermediaries.

The FIN-FSA’s further guidance:

For the purposes of paragraph 19 of these Guidelines, it shall be taken into account that, in accordance with chapter 3, section 3(3) of the AML Act, where the customer is a foreigner who does not have a Finnish personal identity code, the data of the customer's travel document shall be retained in addition to the information referred to in chapter 3, section 3(2) of the AML Act.

Related to these guidelines:

• Regulations and guidelines 2/2023 Preventing Money Laundering and Terrorist Financing
• Guidelines on policies and controls for the effective management of ML/TF risks when providing access to financial services | European Banking Authority (europa.eu)

Publications

• EBA Guidelines on effective management of ML/TF risks when providing access to financial services – applicable as of 3 November 2023

Contact information

Jonna Ekström, Chief Legal Counsel
tel. +358 9 183 5531 , e-mail: jonna.ekstrom(at)finanssivalvonta.fi or aml-authorities(at)fiva.fi

EBA guidelines on the use of Remote Customer Onboarding Solutions under Article 13(1) of Directive (EU) 2015/849 (EBA/GL/2022/15)

Scope of application:

1) credit institutions and branches of third country credit institutions as referred to in the Credit Institutions Act (610/2014)

2) financial institutions belonging to the same consolidation group with a credit institution as referred to in the Credit Institutions Act

3) insurance companies and special purpose vehicles as referred to in the Insurance Companies Act (521/2008) when pursuing activities falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

4) branches of third country insurance companies as referred to in the Act on Foreign Insurance Companies (398/1995) when pursuing activities falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

5) fund management companies as referred to in the Act on Common Funds (213/2019) and depositories authorised under the said Act

6) investment firms and branches of third country firms as referred to in the Investment Services Act (747/2012)

7) branches of a foreign EEA investment firm as referred to in the Investment Services Act

8) a central securities depository as referred to in the Act on the Book-Entry System and Settlement Activities (348/2017), including a registration fund and settlement fund established by such

9) account operators as referred to in the Act on the Book-Entry System and Clearing Operations and foreign corporations’ Finnish offices which have been granted the rights of an account operator

10) payment institutions as referred to in the Payment Institutions Act (297/2010)

11) natural and legal persons as referred to in sections 7, 7 a and 7 b of the Act on Payment Institutions

12) foreign payment institutions as referred to in the Act on the Operation of Foreign Payment Institutions in Finland (298/2010), when providing payment services in Finland through a branch or an agent

13) alternative investment fund managers with authorisation as an alternative investment fund manager under the Act on Alternative Investment Fund Managers (162/2014), and depositories authorised under said Act

14) branches of foreign alternative investment funds as referred to in the Act on Alternative Investment Fund Managers as well as alternative investment fund managers under the registration obligation referred to in said Act and Finnish branches of foreign depositories

15) insurance intermediaries as referred to in the Insurance Distribution Act (234/2018) and Finnish branches of foreign insurance intermediaries insofar as insurance policies falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008) are concerned

16) Finnish credit intermediaries as referred to in the Act on Intermediaries of Consumer Credit Relating to Residential Property (852/2016) and Finnish branches of foreign credit intermediaries.

These regulations and guidelines are also applicable to the following obliged entities as referred to in chapter 1, section 2 of the AML Act:

1) branches of foreign entities corresponding to the supervised entities listed above in subparagraphs 1, 3, 4, 5, 6, 8,10 and 13 of paragraph 1 and foreign entities corresponding to such supervised entities, where the entity provides services in Finland through a representative without establishing a branch

2) insurance companies and special purpose vehicles as referred to in the Insurance Companies Act (521/2008) when pursuing activities other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)3) employee pension insurance companies as referred to in the Act on Employee Pension Insurance Companies (354/1997)

4) branches of third country insurance companies as referred to in the Act on Foreign Insurance Companies (398/1995) when pursuing activities other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

5) Finnish central counterparties as referred to in the Act on the Book-Entry System and Settlement Activities

6) entities as referred to in Article 27(2) of Regulation (EU) 2017/2402 of the European Parliament and of the Council laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012, which have been granted authorisation as referred to in Article 28 of said Regulation

7) holding companies that have been granted authorisation to pursue holding company activities as stipulated in chapter 2 a of the Credit Institutions Act

8) approved public arrangements as referred to in Article 2(1)(34), and approved reporting mechanism as referred to in Article 2(1)(36), of Regulation (EU) No 600/2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, to which the Financial Supervisory Authority has granted authorisation and for the supervision of which it is responsible under Article 27 b(1)(2) of said Regulation

9) branches of foreign entities corresponding to the supervised entities listed above in subparagraphs 2–8

10) foreign entities corresponding to the supervised entities listed above in subparagraphs 2–8, where the entity provides services in Finland through a representative without establishing a branch

11) local mutual insurance associations as referred to in the Local Mutual Insurance Associations Act (1250/1987)

12) insurance intermediaries as referred to in the Insurance Distribution Act (234/2018) and Finnish branches of foreign insurance intermediaries insofar as insurance policies other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008) are concerned, ancillary insurance intermediaries as well as Finnish branches of foreign insurance intermediaries and ancillary insurance intermediaries

13) virtual currency providers as referred to in the Act on Virtual Currency Providers (572/2019)

14) traders falling within the scope of application of the Act on the Registration of Certain Credit Providers and Credit Intermediaries (186/2023) (Issued on 6.7.2023, valid from 1.9.2023).

The FIN-FSA’s further guidance:

Traders falling within the scope of application of Act on the Registration of Certain Credit Providers and Credit Intermediaries became subject to supervision by the FIN-FSA on 1 July 2023.

Related to these guidelines:

• Preventing Money Laundering and Terrorist Financing, regulations and guidelines 2/2023
• Guidelines on the use of remote customer onboarding solutions | European Banking Authority (europa.eu)

Contact information

Jonna Ekström, Chief Legal Advisor,
tel. +358 9 1835531, e-mail: jonna.ekstrom(at)finanssivalvonta.fi  and aml-authorities(at)fiva.fi

EBA guidelines on policies and procedures in relation to compliance management and the role and responsibilities of the AML/CFT Compliance Officer under Article 8 and Chapter VI of Directive (EU) 2015/849 (EBA/GL/2022/05)

Scope of application:

1) Credit institutions and branches of third-country credit institutions as referred to in the Act on Credit institutions (610/2014)

2) financial institutions belonging to the same consolidation group with a credit institution referred to in the Act on Credit Institutions

3) insurance companies and special purpose vehicles referred to in the Insurance Companies Act (521/2008) where pursuing activities falling within the life assurance classes referred to in the Act on Insurance Classes (521/2008)

4) branches of insurance companies from a third country as referred to in the Act on Foreign Insurance Companies (398/1995) where pursuing activities falling within the life assurance classes referred to in the Act on Insurance Classes (521/2008)

5) fund management companies referred to in the Mutual Funds Act (213/2019) or custodians authorised under said Act

6) investment firms referred to in the Act on Investment Services (747/2012) and branches of third-country firms

7) branches of EEA investment firms referred to in the Act on Investment Services

8) a central securities depository, including a registration fund and settlement fund established by such a depository, as referred to in the Act on the Book-Entry System (348/2017)

9) account operators referred to in the Act on the Book-Entry System and Clearing Operations and foreign corporations’ Finnish offices that have been granted the rights of an account operator

10) payment institutions referred to in the Payment Institutions Act (297/2010)

11) natural persons and legal persons referred to in sections 7, 7 a and 7 b of the Payment Institutions Act (297/2010)

12) foreign payment institutions referred to in the Act on the Operation of Foreign Payment Institutions in Finland (298/2010) where providing payment services in Finland through a branch or agent

13) managers of alternative investment funds authorised as AIFMs in accordance with the Act on Alternative Invesment Fund Managers (162/2014), as well as custodians authorised under said Act.

14) branches of foreign AIFMs in Finland and AIFMs subject to the registration requirement and Finnish branches of foreign custodians as referred to in the Act on Alternative Investment Fund Managers (162/2014)

15) insurance intermediaries referred to in the Insurance Distribution Act (234/2018) and branches of foreign insurance intermediaries operating in Finland insofar as insurance falling within the life assurance classes referred to in the Act on Insurance Classes (521/2008) is concerned

16) Finnish credit intermediaries referred to in the Act on Intermediaries of Consumer Credit Relating to Residential Property (852/2016) and Finnish branches of foreign credit intermediaries

Related to these guidelines:

Guidelines on the role of AML/CFT compliance officers | European Banking Authority (europa.eu)

Contact information:

Jonna Ekström, Chief Legal Advisor
tel. +358 9 183 5531, e-mail:  jonna.ekstrom(at)finanssivalvonta.fi  and aml-authorities(at)fiva.fi

EBA guidelines on customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions (‘The ML/TF Risk Factors Guidelines’) under Articles 17 and 18(4) of Directive (EU) 2015/849 (EBA/GL/2021/02)

Scope of application:

These regulations and guidelines shall apply to the following obliged entities referred to in the Act on Preventing Money Laundering and Terrorist Financing (444/2017):

1) credit institutions referred to in the Act on Credit Institutions (610/2014), branches of third-country credit institutions

2) financial institutions belonging to the same consolidation group with a credit institution referred to in the Act on Credit Institutions

3) insurance companies and special purpose vehicles referred to in the Insurance Companies Act (521/2008) where pursuing activities falling within the life assurance classes referred to in the Act on Insurance Classes (521/2008)

4) branches of insurance companies from a third country as referred to in the Act on Foreign Insurance Companies (398/1995) where pursuing activities falling within the life assurance classes referred to in the Act on Insurance Classes (526/2008)

5) fund management companies referred to in the Mutual Funds Act (213/2019) or custodians authorised under said Act

6) investment firms referred to in the Act on Investment Services (747/2012) and branches of third-country investment firms

7) branches of EEA investment firms referred to in the Act on Investment Services

8) a central securities depository, including a registration fund and settlement fund established by such a depository, as referred to in the Act on the Book-Entry System (348/2017)

9) account operators referred to in the Act on the Book-Entry System and Clearing Operations and foreign corporations’ Finnish offices that have been granted the rights of an account operator

10) payment institutions referred to in the Payment Institutions Act (297/2010)

11) natural persons and legal persons referred to in sections 7, 7 a and 7 b of the Payment Institutions Act

12) foreign payment institutions referred to in the Act on the Operation of Foreign Payment Institutions in Finland (298/2010) where providing payment services in Finland through a branch or agent

13) managers of alternative investment funds authorised as AIFMs in accordance with the Act on Alternative Investment Fund Managers (162/2014), and as custodians authorised under said Act

14) branches of foreign AIFMs in Finland, AIFMs subject to the registration requirement as well as Finnish branches of foreign custodians in accordance with the Act on Alternative Investment Fund Managers

15) insurance intermediaries referred to in the Insurance Distribution Act (234/2018) and branches of foreign insurance intermediaries operating in Finland insofar as insurance falling within the life assurance classes referred to in the Act on Insurance Classes (521/2008) is concerned

16) Finnish credit intermediaries referred to in the Act on Intermediaries of Consumer Credit Relating to Residential Property (852/2016) and Finnish branches of foreign credit intermediaries

The FIN-FSA’s further guidance:

The FIN-FSA recommends that also the following obliged entities referred to in chapter 1, section 2 of the AML Act comply with these guidelines where applicable:

1) branches of foreign entities corresponding to the supervised entities listed above in subparagraphs 1, 3, 4, 5, 6, 8,10 and 13 of paragraph 1 and foreign entities corresponding to such supervised entities, where the entity provides services in Finland through a representative without establishing a branch

2) insurance companies and special purpose vehicles as referred to in the Insurance Companies Act (521/2008) when pursuing activities other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

3) employee pension insurance companies as referred to in the Act on Employee Pension Insurance Companies (354/1997)

4) branches of third country insurance companies as referred to in the Act on Foreign Insurance Companies (398/1995) when pursuing activities other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

5) Finnish central counterparties as referred to in the Act on the Book-Entry System and Settlement Activities

6) entities as referred to in Article 27(2) of Regulation (EU) 2017/2402 of the European Parliament and of the Council laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012, which have been granted authorisation as referred to in Article 28 of said Regulation

7) holding companies that have been granted authorisation to pursue holding company activities as stipulated in chapter 2 a of the Credit Institutions Act

8) approved public arrangements as referred to in Article 2(1)(34), and approved reporting mechanism as referred to in Article 2(1)(36), of Regulation (EU) No 600/2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, to which the Financial Supervisory Authority has granted authorisation and for the supervision of which it is responsible under Article 27 b(1)(2) of said Regulation

9) branches of foreign entities corresponding to the supervised entities listed above in subparagraphs 2–8

10) foreign entities corresponding to the supervised entities listed above in subparagraphs 2–8, where the entity provides services in Finland through a representative without establishing a branch

11) local mutual insurance associations as referred to in the Local Mutual Insurance Associations Act (1250/1987)

12) insurance intermediaries as referred to in the Insurance Distribution Act (234/2018) and Finnish branches of foreign insurance intermediaries insofar as insurance policies other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008) are concerned, ancillary insurance intermediaries as well as Finnish branches of foreign insurance intermediaries and ancillary insurance intermediaries

13) virtual currency providers as referred to in the Act on Virtual Currency Providers (572/2019)

14) traders falling within the scope of application of the Act on the Registration of Certain Credit Providers and Credit Intermediaries (186/2023)

Related to these guidelines:

Guidelines on ML/TF risk factors (revised) | European Banking Authority (europa.eu)

Contact information

Jonna Ekström, Chief Legal Advisor
tel. +358 9 183 5531,e-mail: jonna.ekstrom(at)finanssivalvonta.fi  and aml-authorities(at)fiva.fi

EBA Guidelines amending Guidelines EBA/2021/02 on customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions under Articles 17 and 18(4) of Directive (EU) 2015/849 (EBA/GL/2023/03)

Effective from 3.11.2023

Scope of application:
These Guidelines are applicable to the following obliged entities as referred to in chapter 1, section 2 of the Act on Preventing Money Laundering and Terrorist Financing (444/2017) (hereinafter the AML Act):

1) credit institutions and branches of third country credit institutions as referred to in the Credit Institutions Act (1055/2016)

2) financial institutions belonging to the same consolidation group with a credit institution as referred to in the Credit Institutions Act

3) insurance companies and special purpose vehicles as referred to in the Insurance Companies Act (521/2008) when pursuing activities falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

4) branches of third country insurance companies as referred to in the Act on Foreign Insurance Companies (398/1995) when pursuing activities falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

5) fund management companies as referred to in the Act on Common Funds (213/2019) and depositories authorised under the said Act

6) investment firms and branches of third country firms as referred to in the Investment Services Act (747/2012)

7) branches of a foreign EEA investment firm as referred to in the Investment Services Act

8) a central securities depository as referred to in the Act on the Book-Entry System and Settlement Activities (348/2017), including a registration fund and settlement fund established by such

9) account operators as referred to in the Act on the Book-Entry System and Clearing Operations and foreign corporations’ Finnish offices which have been granted the rights of an account operator

10) payment institutions as referred to in the Payment Institutions Act (297/2010)

11) natural and legal persons as referred to in sections 7, 7 a and 7 b of the Act on Payment Institutions 

12) foreign payment institutions as referred to in the Act on the Operation of Foreign Payment Institutions in Finland (298/2010), when providing payment services in Finland through a branch or an agent

13) alternative investment fund managers with authorisation as an alternative investment fund manager under the Act on Alternative Investment Fund Managers (162/2014), and depositories authorised under said Act

14) branches of foreign alternative investment funds as referred to in the Act on Alternative Investment Fund Managers as well as alternative investment fund managers under the registration obligation referred to in said Act and Finnish branches of foreign depositories

15) insurance intermediaries as referred to in the Insurance Distribution Act (234/2018) and Finnish branches of foreign insurance intermediaries insofar as insurance policies falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008) are concerned

16) Finnish credit intermediaries as referred to in the Act on Intermediaries of Consumer Credit Relating to Residential Property (852/2016) and Finnish branches of foreign credit intermediaries.

The FIN-FSA’s further guidance:

The FIN-FSA recommends that the following obliged entities as referred to in chapter 1, section 2 of the AML Act also comply with the Guidelines, as applicable:

1) branches of foreign entities corresponding to the supervised entities listed above in subparagraphs 1, 3, 4, 5, 6, 8,10 and 13 of paragraph 1 and foreign entities corresponding to such supervised entities, where the entity provides services in Finland through a representative without establishing a branch

2) insurance companies and special purpose vehicles as referred to in the Insurance Companies Act (521/2008) when pursuing activities other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

3) employee pension insurance companies as referred to in the Act on Employee Pension Insurance Companies (354/1997)

4) branches of third country insurance companies as referred to in the Act on Foreign Insurance Companies (398/1995) when pursuing activities other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

5) Finnish central counterparties as referred to in the Act on the Book-Entry System and Settlement Activities

6) entities as referred to in Article 27(2) of Regulation (EU) 2017/2402 of the European Parliament and of the Council laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012, which have been granted authorisation as referred to in Article 28 of said Regulation

7) holding companies that have been granted authorisation to pursue holding company activities as stipulated in chapter 2 a of the Credit Institutions Act

8) approved public arrangements as referred to in Article 2(1)(34), and approved reporting mechanism as referred to in Article 2(1)(36), of Regulation (EU) No 600/2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, to which the Financial Supervisory Authority has granted authorisation and for the supervision of which it is responsible under Article 27 b(1)(2) of said Regulation

9) branches of foreign entities corresponding to the supervised entities listed above in subparagraphs 2–8

10) foreign entities corresponding to the supervised entities listed above in subparagraphs 2–8, where the entity provides services in Finland through a representative without establishing a branch

11) local mutual insurance associations as referred to in the Local Mutual Insurance Associations Act (1250/1987)

12) insurance intermediaries as referred to in the Insurance Distribution Act (234/2018) and Finnish branches of foreign insurance intermediaries insofar as insurance policies other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008) are concerned, ancillary insurance intermediaries as well as Finnish branches of foreign insurance intermediaries and ancillary insurance intermediaries

13) virtual currency providers as referred to in the Act on Virtual Currency Providers (572/2019)

14) traders falling within the scope of application of the Act on the Registration of Certain Credit Providers and Credit Intermediaries (186/2023)

Related to these guidelines

• Regulations and guidelines 2/2023 Preventing Money Laundering and Terrorist Financing
• Guidelines on ML/TF risk factors (revised) | European Banking Authority (europa.eu)

Publications

• Revision of EBA ML/TF Risk Factors Guidelines into force on 3 November 2023

Contact information

Jonna Ekström, Chief Legal Counsel
tel. +358 9 183 5531 , e-mail: jonna.ekstrom(at)finanssivalvonta.fi or aml-authorities(at)fiva.fi

Joint Guidelines on the prudential assessment of acquisitions and increases of qualifying holdings in the financial sector (JC/GL/2016/01)

Scope of application:

• life, non-life and reinsurance companies
• central counterparties
• credit institutions
• investment firms

These guidelines are related to:

• Link to the guidelines available on EBA’s website

Contact information:

Credit institutions: Anne Hakkila, Senior Legal Advisor
tel. +358 9 183 5512, email: anne.hakkila(at)fiva.fi

Central counterparties: Jukka Laitinen, Chief Legal Advisor
tel. +358 9 183 51, email: jukka.laitinen(at)fiva.fi

Investment firms: Raija Railas, Senior Supervisor
tel. +358 9 183 5235, email: raija.railas(at)finanssivalvonta.fi

Insurance companies: Tiina Granlund, Chief Supervisor
tel. +358 9 183 5521, email: tiina.granlund(at)finanssivalvonta.fi