Finland's Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment of EUR 500,000 on LocalBitcoins Oy for failures to identify and verify customers’ identities when establishing a permanent customer relationship, breaching anti-money laundering requirements. The amount reflected an overall assessment of the nature, extent and duration of the non-compliance with a key AML obligation, and took account of LocalBitcoins Oy’s financial position. The shortcomings were identified in a 2024 FIN-FSA inspection that examined, among other things, how the firm implements counter-terrorist financing and anti-money laundering measures, and the penalty payment is payable to the State. The decision, adopted on 2 June 2025, is not yet legally binding. LocalBitcoins Oy may appeal to the Helsinki Administrative Court within 30 days of receiving the decision.
Finanssivalvonta 2025-06-03
Finland's Financial Supervisory Authority imposes EUR 500,000 penalty payment on LocalBitcoins Oy for AML customer identification failures
Finland's Financial Supervisory Authority (FIN-FSA) has fined LocalBitcoins Oy EUR 500,000 for failing to comply with anti-money laundering requirements related to customer identity verification. The penalty reflects the nature, extent, and duration of the non-compliance, as well as the firm's financial position. The decision, made on 2 June 2025, is not yet legally binding and may be appealed.