Amendments to law governing authorities’ requests for banking data to enter into force on 1 December 2025

Public authorities in Finland will have to use the Bank and Payment Account Monitoring System each time they request information on account balances, transactions and securities. The Government submitted the legislative amendments for approval on 14 August. The President of the Republic is expected to approve the amendments on 15 August, and they will enter into force on 1 December 2025.

The legislative amendments only concern the technical means of disclosing information and will not give the public authorities any additional rights of access to information. Only the authorities that already have the right to access corresponding information will be able to use the monitoring system.

The amendments will improve the data protection and security of data requests concerning balances, account transactions and securities. A centralised system will enable unambiguous, end-to-end identification of communications, and the application of uniform legal provisions to data processing. A uniform system will also bring cost savings.

The amendments support the objectives set out in the Government Programme to strengthen crime prevention, combat the grey economy, prevent money laundering and recover the proceeds of crime. Account balance and transaction data provide information that is crucial for achieving these objectives.

The project to include transaction data requests in the monitoring system was funded through the EU’s Recovery and Resilience Facility (RRF).

Inquiries:
Milka Tornberg-Nyman, Senior Specialist, tel. +358 295 488 324, [email protected]