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This post was first published on Comistar Medium channel.

Crypto exchanges registered in Estonia are experiencing uncertain times. This is due to the change of AML regulations which Estonia is implementing for crypto exchanges. This will also mean that all license holders will need to have activity and management functions in Estonia by the end of 2019. For many foreigners, that’s a deal-breaker, and we can fully understand it.

UPDATES – the new proposals were eventually enforced on 10th of March, 2020.

Who is an AML Officer?

Every crypto exchange needs to have an AML officer. This AML officer has to have proper knowledge about Estonian AML regulations and needs to have an impeccable reputation.

AML Officer is the person who is communicating to the Estonian FIU, and who has to make sure that the company is following all the required AML regulations.

AML Officer is overseeing the company KYC procedures and needs to make sure the on-boarding specialists know what they’re doing, including tutoring them if and to the extent necessary.

While the board of the company is always responsible for any activities business carries out, it’s the liability of the AML officer to notify the Estonian FIU about any circumstances where the business is not paying attention to the AML requirements (after trying to fix it internally).

New crypto AML regulation

Below, you can see a schema of the new requirements.

If you’re looking for AML officer solutions, please get in touch with us and we’ll evaluate your business, background, and potential collaboration possibilities.

aml estonia

The management of the company has to have an impeccable reputation, and the AML officer may need to come to an interview with the Estonian Financial Intelligence Unit. During the interview, the required knowledge of the AML officer is determined.

AML is undoubtedly extremely important, and regulations have to be in place. Whether it’s proportional, that’s not for us to decide.

To find out more about AML requirements and the compliance officer services, please contact us at [email protected]

Comistar provides business, legal and tax support for e-residency companies. Our core focus is on Fintech licensing, e-commerce companies, blockchain industry and affiliate marketers. We’ve been operating for over 5 years and have helped more than 300 companies to get started in Estonia.