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).
The Ministry of Finance published a draft regulation, 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.
Starting from 10.03.2020, virtual currency service providers are treated as ‘Financial Institutions’ in Estonia and are obliged to the same AML/KYC requirements as financial institutions.
 Virtual Currency Service provider includes virtual currency wallet services providers and virtual currency exchange service providers.
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.