Upon receiving the abovementioned licences the company is subject to the The Money Laundering and Terrorist Financing Prevention Act and shall therefore comply with the requirements set forth in the Act. Most importantly, the company will be responsible for the implementation of the following activities:
- Organisation of the collection and analysis of information referring to unusual transactions or transactions or circumstances suspected of money laundering or terrorist financing, which have become evident in the activities of the company;
- Reporting to the Financial Intelligence Unit in the event of suspicion of money laundering or terrorist financing;
- Submitting periodic written statements on compliance with the requirements arising from the Money Laundering and Terrorist Financing Prevention Act to the management board of a credit institution or financial institution or to the director of the branch of a foreign credit institution or financial institution registered in the Estonian commercial register;
- Performance of other duties and obligations related to compliance with the requirements provided in the Money Laundering and Terrorist Financing Prevention Act.
- The activities of the licensees are supervised by the Financial Intelligence Unit, an independent structural unit of the Police and Border Guard Board.