The Finnish Pension Alliance (Tela) has updated its guidelines for occupational pension insurers on the prevention of money laundering and terrorist financing.

The update is in response to changes in legislation with the guidance now taking into account changes introduced by the partial reform of the Money Laundering Act and the revised Financial Supervisory Authority's Regulations and Guidance 2/2023 on the prevention of money laundering and terrorist financing.

“With this guidance, the occupational pension industry wants to demonstrate its compliance with best and consistent practices in identifying and combating money laundering and terrorist financing risks related to statutory occupational pension insurance,” Tela said.

It added that the code of conduct, prepared by its legal advisory board, sets out the general issues for the industry and it is up to each IORP to decide how to take it into account in its operations.

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