The purpose of the Prevention of Money Laundering and Terrorist Financing Act (PMLA) is to increase the integrity and transparency of the business environment and, at the same time, to prevent the use of the financial system and the economic space for money laundering and terrorist financing.Accounting firms are among the obligated persons who must comply with the requirements set out in the Act in order for the Act to work as intended.
These requirements include risk assessment monitoring, we have developed a risk assessment model to analyse the risk associated with each client. We apply the “know your customer” principle, which means that we need to understand the customer’s activities and inputs and where they come from. We apply due diligence measures, including a reporting obligation to the Financial Intelligence Unit (FIU) in case of suspicion of money laundering or terrorist financing.
More information:
https://www.politsei.ee/files/Rahapesu/juhendkahtlastetehingutetunnustekohta.pdf?222a84e8fa
