Compliance Training in Estonia

Having extensive knowledge and experience in AML processes and procedures, GDPR and other areas of the Estonian law has provided us with the opportunity to offer compliance training in Estonia to numerous compliance officers and professionals in the FinTech industry. Among these people we have trained are team members and high-level professionals of companies that have been licenced by the Estonian authorities and are under constant supervision by the local authorities.

Anti-Money Laundering (AML) and Know-Your-Client (KYC) training for obtaining an Estonian financial activity service license

There are numerous activities in the Estonian financial sector which require authorization and licensing by the Estonian Financial Intelligence Unit (FIU) or by the Estonian Financial Supervision Authority (FSA).

Financial activities which require licensing in Estonia:

  • Operating as a financial institution
  • Trust and company services
  • Pawnbroker’s services
  • Virtual currency services
  • Purchase or wholesale of precious metals, articles of precious metals or precious stones

To successfully obtain licenses, each company must comply with the Estonian Money Laundering and Terrorist Financing Prevention Act. The Estonian AML law has several prerequisites that each company and their board members must follow and have a defined KYC understanding to be able to identify, report and lower the company’s risk regarding money laundering.

During the training process, we will teach the aspects of the Estonian AML law which each licensed entity must follow before, during and after they are obtaining their licenses. We help to define and outline the internal policies which must be set in place by the company, so the business stays compliant with the local laws and international standards in KYC.

Once the training is complete, one will have enough knowledge and information regarding AML and KYC requirements that they can successfully gather, analyze, and put together the relevant information towards obtaining their financial activity license for an Estonian company.

General Data Protection Regulation (GDPR) training for a Data Protection Officer (DPO)

2018 was the year when the European Union implemented the GDPR, and when Estonia adopted the laws to its local legislation. The GDPR requires that most public and private organizations appoint a Data Protection Officer, who looks over data related compliance. Which specifically means protecting clients’ data, deleting their data within a certain period, making sure that the data is used and retained only for the right reasons, etc. Penalties for non-compliance can be an have proven to be very costly for organizations, which is why maintaining everything in order related to the laws is very critical.

During the training period we will go over the GDPR regulations in-depth while covering all the practical aspects like reporting data breaches, cooperation with local supervisory authorities, working with the data protection impact assessment, responding to incidents and incident recovery. All this is to ensure that once the training is complete, the newly trained DPO will have enough knowledge and competence to fully handle a small to medium sized company’s data protection needs.

Training related to the company’s compliance with applicable legislation and ad hoc compliance training

It is very important to note that compliance is not only about making sure that your company does not enable money laundering or protecting your clients’ information from breaches. Begin compliant is a very broad subject and has a lot of variables to it which makes being completely compliant with the local and international legislation seem a very daunting task.

Here you must take into consideration all aspects of the Estonian, European and other international jurisdictions while combining it with your company’s specifics. Also, the complexity of compliance grows greatly if you manage your Estonian company from abroad and operate internationally while making many transactions.

On a local level, compliance pitfalls might already start when you are drawing up an employment contract, as it must be according to the laws, or when forgetting to implement required safety measures which are found in the industry in which you operate.

Combining all of this draws out the reason why you must invest in getting the best help and have your employees trained by people and companies, who are fully aware of the extent and measures which must be taken to be fully compliant with the legislation which is applicable in your case!

RCA, your trusted compliance training partner in Estonia

We at Regulatory Compliance Associates strive to deliver the best compliance training in Estonia, which can provide confidence to professionals and business owners about their ability to mitigate their non-compliance risks and potential legal exposures.

Having already taught numerous compliance team members for different local companies, we strive to always improve our teaching methodology to provide knowledge that anyone can immediately implement within their business.

If you would like to get compliance training in AML, GDPR or in another area of compliance, please reach out to us!

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