Compliance with Estonian AML rules among crypto licenced companies

NJORD Law Firm’s Regulatory team has compiled a summary of the annual report from the FIU that gives an overview of the statistics regarding AML-reports submitted last year and feedback to the licenced companies.

The Estonian Financial Intelligence Unit (hereinafter FIU) has again compiled an overview of the reports sent to the FIU, this time for the year 2020 by virtual currency service providers (crypto exchanges and e-wallet providers).

Peek to AML Risks and Red Flags of the Estonian Crypto Exchanges

Starting from 10.03.2020, virtual currency service providers[1] are treated as ‘Financial Institutions’ in Estonia and are obliged to the same AML/KYC requirements as financial institutions.

[1] Virtual Currency Service provider includes virtual currency wallet services providers and virtual currency exchange service providers.

Reporting suspicious activities by crypto licence holders

The first statistics collected by the Estonian FIU on the duty to report suspicious activities of money laundering and terrorist financing have been made available.