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.
Source GVC
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