The Regional State Administrative Agency of Southern Finland fined Finnish electronics and household appliances retailer Verkkokauppa.com 540,000 euros for its failure to meet the procedures regarding money laundering law, said the agency in a press release on Thursday.
The agency also held the business organisation responsible for not taking proper measures including checking clients´ backgrounds and providing information to the authorities about suspicious transactions.
The decision was taken following an inspection conducted by the agency in 2023 concerning the Company's practices related to compliance with the Anti-Money Laundering Act during the period from 1 September 2020 to 31 August 2023.
The agency found serious non-compliance in cash payments of tens of thousands of euros by customers from outside the European Economic Area (EEA).
Lack of investigation and failure to submit report to the authorities about the suspicious transactions the company exposed to significant risk of facilitating money laundering or financing of terrorism, said the agency.
The authority imposed the fine considering the nature, extent and duration of violations as well as the financial situation of the company.
Verkkokauppa.com in a press release said that the Company will thoroughly review the agency’s decision and will decide thereafter whether to appeal.
The Regional State Administrative Agency's decision is not legally binding.
The company also said that it takes anti-money laundering extremely seriously and actively participates in efforts to combat money laundering and the grey economy.
Following the Regional State Administrative Agency's inspection, the Company tightened its operating procedures during 2024, including introducing a maximum limit of EUR 200 for cash payments in individual purchases.
- Verkkokauppa.com
- Fined
- €540K
Source: www.dailyfinland.fi
