On 10 March 2020 the amendments to the Estonian Money Laundering and Terrorist Financing Prevention Act (AML Act) entered into force. In a nutshell, the following notable amendments must be noted by the licensed entities:
Share capital must be at least EUR 12,000;
Compliance Officer must be appointed;
Assessment of the experience and business reputation of the management will be conducted (the FIU will request additional proof of academic and professional background);
Bank/payment account must be held in institution in Estonia or EEA member state;
The seat of management board must be in Estonia, i.e. essential functions of the management and control of money laundering procedures must be carried out in Estonia;
For all clients residing outside EEA it is required to conduct video verification of a client. For all individual client who reside within EEA but whose transactions are over 15,000 EUR and 25,000 EUR for legal persons (total sum of transactions) per month it is also required to conduct video verification.
If you are interested in further clarifications and wish to receive more information on the above requirements, do not hesitate to contact us directly.