Finland: Reporting laws for payment providers on cross-border transactions
New laws were signed by the Finnish President on March 23, which mandate payment service providers operating in Finland to comply with cross-border reporting requirements. The legislation includes the following provisions:
- Payment service providers are required to report specific information on cross-border payments and maintain proper record-keeping procedures.
- The types of information that must be included in the reporting process are specified.
- Noncompliance with the new regulations will result in penalties.
These laws will take effect on January 1, 2025, with the goal of enhancing transparency and compliance in the payment industry.
Source: valtioneuvosto.fi
