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Estonia Introduces Simplified Due Diligence Measures for Financial Institutions
The Estonian government has introduced new regulations aimed at simplifying due diligence measures for financial institutions and other obligated persons to prevent money laundering and terrorist financing.
Simplified Identification Process
According to the new regulations, credit institutions and financial institutions supervised by the Financial Supervision Authority may identify customers without being present in the same place if:
- The payment transaction relates to a transfer of money within Estonia
- The total amount per calendar month does not exceed €2,000
Verification of Identity
The regulations also specify that insurance companies and insurance brokers can verify the identity of beneficiaries under life assurance contracts after establishing a business relationship, but no later than upon making a disbursement or commencement of realization of the rights of the beneficiary.
Currency Exchange Services
Providers of currency exchange services must identify and verify all persons participating in transactions if the amounts exchanged in cash exceed €6,400. Providers of payment services must also identify all customers who make or receive money transfers through their services.
Other Obligated Persons
The regulations also apply to other obligated persons such as:
- Notaries
- Enforcement officers
- Bankruptcy trustees
- Auditors
- Attorneys
- Legal service providers
These individuals may identify and verify the identity of customers or beneficial owners in order to prevent money laundering and terrorist financing.
Balance between Security and Administrative Burden
“The new regulations aim to strike a balance between ensuring the security of financial transactions and minimizing the administrative burden on financial institutions and other obligated persons,” said [Name], spokesperson for the Estonian Financial Supervision Authority.
Effective Date
The regulations came into force on [Date] and are designed to comply with international standards for preventing money laundering and terrorist financing. The Estonian government has implemented these measures in order to maintain a secure and stable financial system.
For more information, please contact: [Name] Estonian Financial Supervision Authority [Phone number] [Email address]
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