Finnish residents are entitled to have a bank account, but this right doesn't apply to businesses. Nearly half of the respondents of a recent survey sent to certified accounting firms in Finland said that some of their clients either hadn't been able to open an account at all or their account had been closed. The businesses that had faced issues were owned by people from Russia and other Eastern European countries, China, and some Arab countries.
The attempts to get a Finnish bank account may fail if the bank considers the risk of money laundering to be too high or if a person associated with the company has unsolved credit issues. According to banks, each case is evaluated carefully, and closing existing accounts is exceptional. Banks have a legal obligation to know the origin of the money deposited in an account and how it is being used. Recently, some banks have paid large fines because their control has been too lax.
The European Banking Authority is currently evaluating the problem of being denied an account and also updating its guidelines on risk assessment.
Source: Helsingin Sanomat (Jan 13, 2021) link to article in Finnish: www.hs.fi/talous/art-2000007737247.html