Introducing centralised system for banking data requests by authorities

On 10 April 2025, the Government submitted a proposal to Parliament on amending the Act on Bank and Payment Account Monitoring System.

The proposal aims to enable the use the Bank and Payment Account Monitoring System to centralise all requests made by the authorities for information on account balances, transactions and securities. 

The proposal would add a new technical function to the Bank and Payment Account Monitoring System to give certain public authorities the right to use the system to request information on account balances and transactions. Requests would concern specific official tasks, which the relevant public authority could not complete without information on account balances and transactions. Public authorities would not have direct access to client information. Requests could only be made to credit and payment institutions through the centralised Bank and Payment Account Monitoring System. 

The proposal concerns the technical process for disclosing the information. Only certain public authorities who already have the right to access corresponding information would be able to access the system. These authorities include the Police, Finnish Security and Intelligence Service, Financial Intelligence Unit, Finnish Customs, Finnish Tax Administration, National Enforcement Authority, Finnish Border Guard, Finnish Defence Forces, and Financial Supervisory Authority. 

A single shared system to improve information security and save costs

The proposal aims to provide better data protection and information security for account balance and transaction requests. A centralised system will enable unambiguous, end-to-end identification of communications, and application of uniform legal provisions to data processing. As transaction data constitutes sensitive personal data, the proposal includes clearly defined and precise provisions on the conditions and content of the requests made through the system.

Centralising public authorities' all requests for banking data in a single system should also achieve cost savings, reduce the workload caused by overlapping information systems and, ultimately, enable public officials work more efficiently.

The proposal supports the Government Programme’s objectives 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. Data obtained through a centralised system would be technically uniform, making it easier for the authority to process and analyse.

The proposed act is scheduled to enter into force on 1 December 2025.

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

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

*The press release was corrected on April 10 at 14.45: The proposed act is scheduled to enter into force on 1 December 2025.