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.
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.