AML regulations are getting tighter all the time. When you deal with any bank in Europe it’s obvious that the AML regulations are already unproportional for most of us doing simple businesses and transactions. Regardless, these are the laws which we have to follow. These rules and regulations are also burdensome for the regulated service providers. Below, we will hereby bring out the main due diligence measures that providers of a service of exchanging a virtual currency against a fiat currency and providers of a virtual currency wallet service shall implement for their AML procedures.
How to assess risk?
APPLICATION OF ENHANCED DUE DILIGENCE MEASURES
OBLIGATION TO REPORT
If provision of a service an activity or facts whose characteristics refer to the use of criminal proceeds or terrorist financing or to the commission of related offences or an attempt thereof or with regard to which the obliged entity suspects or knows that it constitutes money laundering or terrorist financing or the commission of related offences, the you must report it to the Financial Intelligence Unit immediately, but not later than within two working days after identifying the activity or facts or after getting the suspicion.
The due diligence measures are quite logical by nature, but building a smooth and as seamless-as-possible KYC processes will be the key for the on-boarding convenience. If you’re looking help with creating the AML procedural rules and documentation for the licenses in Estonia, get in touch with us at [email protected] To find out more about AML requirements and the compliance officer services, please contact us.
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.