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Estonia’s finance regulator revokes Good Finance Company (GFC) As Licence due to AML issues

The payment institution saw it licence cancelled due to major AML concerns and having failed to address the widespread issues regarding their AML/CTF/KYC shortcomings.

The issues continued regardless the number of fines and sanctions to prompt compliance as per the supervisors statement.

In the statement of acknowledgment, GFC Good Finance Company AS, noted having lost their operating licence and engaged to reimburse payments received after May 27th 2019.

This is the second institution loosing its licence in Estonia this very year due to lack of compliance (Danske bank Estonia did it back. in February).

Source

https://www.riskscreen.com/kyc360/news/estonia-shuts-down-payment-services-company-over-aml-infractions/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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