Finnish electronics retailer Verkkokauppa.com faces a 540,000 euro penalty for anti-money laundering violations. The Southern Finland Regional State Administrative Agency imposed the fine after discovering the company failed to report suspicious transactions.
The penalty follows a 2023 inspection that found inadequate processes for handling cash payments. Authorities identified shortcomings in documentation and monitoring procedures at physical stores.
Verkkokauppa.com acknowledged the findings and implemented stricter controls. The company now limits cash payments to 200 euros per transaction in response to the regulatory scrutiny.
The most serious violations involved failure to report suspicious activities. Officials noted the retailer did not file any reports about questionable transactions despite clear warning signs.
Many unreported transactions involved customers from outside the European Economic Area. These individuals made cash payments totaling tens of thousands of euros in single purchases.
Regulators stated the inadequate procedures exposed the company to significant money laundering and terrorist financing risks. The decision remains subject to appeal.
The case highlights ongoing challenges Finnish authorities face in monitoring large cash transactions. Retail businesses continue to adapt to increasingly strict anti-money laundering requirements across the Nordic region.
This penalty represents one of the larger enforcement actions against a Finnish retailer for financial compliance failures. It signals regulators' determination to tighten oversight of cash-based transactions.