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Estonia’s financial supervisor calls for review and termination of business relationships

The Estonian Financial Supervisory Authority noted that following the enhancement of AML/CTF and KYC measures linked to professional obligations, it is unacceptable that some clients remain in the financial system.

As part of that call, the FSA instructed professionals to include more detailed and comprehensive assessments as part of their client on-boarding and ongoing due diligence processes.

To ensure that, some entities have been set under detailed monitoring.
The agency highlighted the inherited risk of serving non-residents and said that the financial system is moving towards a derisking effort by reducing activities and focussing on local markets.

“We are giving a single and consistent message to the managers of the banks that Estonia is no place for dodgy banking,” Nomm (member of the Board of the Supervisory Agency) said in a separate statement.

The aforementioned means that professionals must ensure a comprehensive client acceptance and maintenance policy and ensure rejection and termination of business not falling in the institution risk appetite, but also in the country risk tolerance.

Source

https://www.reuters.com/article/us-europe-moneylaundering-estonia/estonian-watchdog-says-unacceptable-clients-remain-in-banking-system-idUSKCN1RM1S8

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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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