Training of the Company Director for KYC/AML Requirements

On March 10, 2020, the amendments to Money Laundering and Terrorist Financing Prevention Act were ratified. Due to the changes, one of the main requirements for an Estonian company is to have a director/KYC/AML officer (a resident of Estonia) with a deep knowledge of all relevant requirements for an Estonian company with a cryptocurrency license and Estonian laws for identifying clients of a cryptocurrency project.

The course is intended for:

The key questions for discussion on the course are:

  • Rules of the Money Laundering and Terrorist Financing Prevention Act.
  • Current requirements of Rahapesu andmebüroo.
  • The most common typologies of money laundering.
  • The procedure for registering, submitting, saving and deleting data.
  • Methods of identification of individuals and legal entities/clients.
  • The procedure for detecting suspicious customer activity and implementing the necessary due diligence measures and their compliance with the risk assessment.
  • The procedure for drawing up the necessary documents and instructions for reporting.
  • The procedure for determining money laundering and terrorist financing and termination of business relations, refusal of transaction.
  • Types of virtual currencies and ways to exchange and use them.

At the end of this course, the director/KYC/AML officer will be able to:

  • Identify suspicious customer activity and implement necessary due diligence measures.
  • Develop procedural rules and regulations in your cryptocurrency company that will allow you to manage the risks associated with money laundering and terrorist financing effectively.
  • Pass an interview in Rahapesu andmebüroo to confirm / obtain a cryptocurrency license.

Summary of the course

Class 1
Purpose and scope of the Purpose of Money Laundering and Terrorist Financing Prevention Act and its application. Basic terms and concepts required by KYC/AML officer for competent information ownership and practical use in the work process.

Class 2
Risk assessment. Managing the risks of money laundering and terrorist financing. Due diligence. Consequences of failure to apply due diligence measures.

Сlass 3
The process of identifying an individual. Required documents and information about the client. The process of identifying a legal entity. Required documents and information about the client. Tools and resources. Details of the legal entity and the actual owner of the payment account. Procedure and features of providing information about the beneficiary and the payment account.

Class 4
Data collection, storage and protection. Actions in case of suspected money laundering and financing terrorism. FIU (functions, cooperation between the financial intelligence Unit and the security police Department, international information exchange).

Class 5
The most common types of money laundering. Economic schemes, methods, and models for legalising illegal income. Predicate Offences. “Red flags” for the KYC/AML officer.

Class 6
Crypto currency. Types and classification. Its difference from legal tender and electronic money. The process of exchange and use.

Сlass 7
Providing precautionary measures when tracking money laundering and terrorist financing, risk assessment, rules of procedure, and non-compliance with internal rules of procedure. Responsibility of the KYC/AML officer for non-compliance with obligations under official duties.

Training period takes 1 month.

Training of a Company Director for KYC/AML requirements 5,000 EUR