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Financial Intelligence Unit Reports Show Sustained Growth in Suspicious Transaction Reports

Estonia’s Financial System Remains Vigilant Against Financial Crimes

The Financial Intelligence Unit (FIU) has released its annual report for 2020, revealing a continued surge in suspicious transaction reports and an increase in the number of reports received from credit institutions.

Key Findings

• The FIU received a total of 8,291 reports in 2020, up from 6,164 in 2019.
• Suspicion-based reports made up three-quarters of all reports received by the FIU, with cash reports and inquiries accounting for smaller proportions.
• Money laundering was the most common type of suspicious activity reported, making up the majority of suspicion-based reports.

Sectoral Analysis

• Credit institutions were the largest senders of reports, accounting for 55.4% of all reports in 2020, up from 47.1% in 2019.
• Financial institutions, virtual currency service providers, and non-obliged legal entities also increased their reporting activity.
• Gambling operators and professionals saw a significant decrease in report submissions.

Insights

• The FIU’s report highlights the importance of credit institutions in detecting and reporting suspicious transactions, with many reports related to suspected money laundering coming from this sector.
• The increase in reports from virtual currency service providers is a welcome development, suggesting improved customer monitoring practices among market participants in this sector.

Conclusion

Overall, the FIU’s report suggests that Estonia’s financial system remains vigilant and proactive in detecting and preventing financial crimes, with reporting entities playing a crucial role in maintaining the integrity of the financial sector.