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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).
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The Ministry of Finance will start regulating the virtual currency service providers

The Ministry of Finance published a draft regulation,[1] which establishes requirements for virtual currency service providers. The draft is used to make the proposal that the supervision of all service providers, established in Estonia, connected with virtual currencies, be placed under the competency of the Financial Supervision Authority.


[1] Seletuskiri Ühisrahastuse ja muude investeerimisinstrumentide ning virtuaalvääringute seaduse eelnõu juurde

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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.

 




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