When applying for a single cryptocurrency license, a KYC/AML Officer is required for an Estonian company.
As part of the fight against financial crime, governments around the globe require financial institutions to implement Anti Money Laundering (AML) programs to combat money laundering. In order to monitor internal anti-money laundering policies and comply with important regulations, banks and other financial institutions will designate an AML Compliance Officer.
A Compliance Officer is responsible for implementing the prescribed regulations at the institutional level. The specialist’s professional focus is set on the internal systems and controls that an institution uses to detect, monitor, and report money laundering activities to authorities. The main task of a KYC/AML Officer is to ensure that an organisation is not exposed to criminal risk and does not inadvertently contribute to financial crime.
The KYC/AML procedures is a necessary document to apply for a single crypto-licence in Estonia. The following documents must be included in KYC/AML procedures:
- Identification of clients – requirements for the provision of documents, source of wealth, proof of address of residence.
- Means of verification of documents provided by clients.
- Verification of the validity of documents of natural persons.
- Requirements for the storage of documents provided by clients.
- Assist in the development, implementation, and maintenance of an anti-money laundering program of the respective institution.
- Organisation of collection and analysis of information on suspicious transactions or transactions where there is a risk of money laundering or terrorist financing.
- Submission of written statements on compliance with the requirements of the law to the management of the virtual currency exchange service provider or the virtual currency wallet service provider entered into the Estonian Commercial Register.
- Maintenance of High-Risk customer records and reporting suspicious activity to authorities.
- Reporting to the Financial Intelligence Unit (Rahapesu andmebüroo) in case of suspicion of money laundering or terrorist financing.
- Development and maintenance of a risk assessment system for products and service and customers, as well as for other issues related to money laundering.
- Monitoring and implementation of an ongoing AML training program for other employees.
- Briefing and reporting to senior management on internal AML policies and procedures.
- Organisation of third-party inspections and audits, and development of compliance guidelines.
Requirements for a candidate
- The board appoints a person to act as the regulator’s contact point (hereinafter AML officer). The AML officer is directly responsible to the board and has the competence, means and access to relevant information in all structural units of the crypto company;
- Only a person with the education, professional aptitude, abilities, personal qualities, experience and impeccable reputation necessary for the performance of AML duties may be appointed as such;
- The appointment of an AML officer is coordinated with the regulator, who is entitled to receive a variety of information from different sources in order to test the suitability of the AML officer candidate for compliance;
Company in Estonia OÜ offers the services of an experienced KYC/AML Officer (an Estonian citizen) with knowledge of all relevant Estonian requirements and laws for your cryptocurrency project.
If your company has a contact person, Company in Estonia OÜ can offer the training course on Money Laundering and Terrorist Financing Prevention Act.