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.
When applying for a single cryptocurrency license, a KYC/AML Officer is required for an Estonian company.
- 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.
KYC/AML Officer takes due diligence measures:
- When establishing business relations with a new client.
- When making payment in the amount of more than 15,000 EUR or an equal amount in another currency.
- When verifying data in case of doubts about the reliability of submitted documents or data.
- In case of suspected money laundering or terrorist financing.
AML Compliance Officer’s role
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.
AML Compliance Officer’s designation
AML compliance is an ever-evolving area, so your AML specialist’s expertise should reflect the current regulatory framework. Given the importance of the AML program, your Compliance Officer should have all the necessary knowledge and skills in the areas of financial policy and KYC/AML procedures, as well as in methodologies for dealing with financial irregularities. It is important that the Management Board selects a candidate who not only has the ability and experience to carry out their duties effectively, but also meets the unique professional requirements of an organisation.
A Compliance Officer not only monitors and processes various sensitive financial data, but also regularly interacts with the Board of Directors as well as financial authorities. In addition, your company’s KYC/AML Officer must have sufficient authority to ensure that their duties are performed effectively. Ideally, an AML specialist should be a director-level employee with industry experience to deal with all aspects of their professional environment.
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 the identification of clients of your cryptocurrency project.
|KYC/AML Officer services (minimum service period – 1 year)||1,000 EUR/month|