Webinar: Anti-Money Laundering Reporting in Estonia
The approach to combating money laundering is in a constant change, which is also true about the laws in Estonia. In May 2021, we hosted a webinar on Anti-Money Reporting in Estonia with our partner ComplyRadar. The purpose of the webinar was to give a good and simple overview of how to act when you notice a suspicious activities happening by your company’s clients, how ComplyRadar can help with real-time AML/TF transaction monitoring and to address some questions that our audience had regarding Anti-Money Laundering Reporting in Estonia.
Regulatory Compliance Associates is eager, available, and open to discuss your requirements – please do not hesitate to reach out to us!
Summary of the Webinar
Financial service providers who are licenced by the Estonian Financial Intelligence Unit or by the Estonian Financial Supervision Authority (FSA) are obligated to submit AML reports on suspicious, criminal, or unusual activities, where the reports must be concluded by a Compliance Officer. The Compliance Officer must have suitable qualifications, and/or experience, be approved by the FIU and registered.
Reports are submitted online via the FIU’s online form or via the Estonian X-road service, where the Reporting Officer must log in using their digital ID verification.
The most common reports used by the Estonian FIU are:
- Suspicious Transaction Report (STR)
- Unusual Transaction Report (UTR)
- Unusual Activity Report (UAR)
- Terrorist Financing Report (TFR)
- International Sanctions Report (ISR)
- Cash Transaction Report (CTR)
Also, when doing submitting your reports to the FIU, it is important to keep in mind the AMLTF Reporting 5 W’s, which provides the framework to covey important information to the authorities within your report so that every aspect gets covered, and you will not leave out any important information. Confidentiality and protection rules apply to the originator of a report.
ComplyRadar can help Estonian businesses to process and monitor millions of transactions daily in real-time by applying AI technology, Behavioural Analytics and Machine Learning. It is a very scalable technology which can help save time and money.
At the end of the video, in the Q&A section, we answer these 3 questions:
- What are the biggest challenges of AML reporting in Estonia?
- What are the possibilities to automate detection of reportable transactions/behavior?
- What are the risk factors of transactions made by banking cards that trigger reporting duty?