Southern Finland Regional State Administrative Agency has imposed a 540,000 euro penalty on Verkkokauppa.com Oyj. The Finnish electronics retailer seriously neglected its anti-money laundering obligations.
The agency considers the company's failures particularly reprehensible. Verkkokauppa.com fulfilled its due diligence requirements inadequately. It filed no reports about suspicious transactions, according to officials.
Most cases involved cash payments from customers outside EEA countries. These payments reached tens of thousands of euros in individual transactions.
The agency states that deficient procedures exposed the company to substantial money laundering and terrorist financing risks.
Officials considered the quality, scope and duration of violations when determining the penalty amount. They also accounted for Verkkokauppa.com's financial position.
The fine will be paid to the Finnish state. The agency's decision is not yet legally binding.
Southern Finland Regional State Administrative Agency oversees money laundering prevention for businesses. This includes retailers who receive cash payments of 10,000 euros or more in single or linked transactions.
This case highlights ongoing challenges in Finland's retail sector regarding compliance with anti-money laundering regulations. The substantial fine reflects authorities' increasing scrutiny of financial crime prevention in Nordic commerce.