According to the law, accounting and auditing companies, law firms, real estate agents, traders, credit institutions, etc. must deal with the prevention of money laundering. As the state strengthens supervision, improves laws and guidelines, and the best practices on the market evolve, companies should regularly review their anti-money laundering activities.
If the Money Laundering and Terrorist Financing Prevention Act applies to your company, you must have:
It must first be clarified whether the law applies to your company. If so, have you prepared the above documents? Next, we recommend analyzing whether these mandatory documents are in accordance with the law, whether the procedures are effective and whether they are actually followed by employees. Read the article about the shortcomings our team has identified in corporate money laundering procedures.
Take a short test to find out whether your company needs to deal with anti-money laundering and how ready your company is in the field of anti-money laundering.
If resources or competencies are scarce, we can help you with your analysis and identify areas for improvement. If desired, we can also advise on the preparation of the aforementioned documents. We have considerable experience in this field. Together with our team, we have helped to improve the anti-money laundering and anti-terrorist financing procedures of several organizations by assessing their compliance and enforcment and making recommendations for improvement.
We offer three options.
As a result of the analysis, we identify shortcomings and bottlenecks (opportunities to improve procedures) and make recommendations.
The analysis is performed by our experienced risk management team and, if necessary, we involve Grant Thornton Baltic's legal advisers.
“We received valuable advice from Grant Thornton Baltic on reviewing and improving our company's risk appetite, risk assessment and anti-money laundering procedures. I liked the personal approach of the consultants – while improving the documents, the consultants took into consideration our specific needs and the company's activities.”
In Estonia the state is placing increasing emphasis on money laundering prevention. Therefore, companies with a duty to prevent money laundering must be prepared for more thorough and more frequent inspections to determine whether they comply with all the rules laid down by law. You can read more about the obligations of companies in preventing money laundering here.
Mogo, ESTO, Estravel, Maaelu Edendamise Hoiu-laenuühistu, Berger Financial Group, Trigon Asset Management and others.
If you have similar challenges and questions, please contact our specialists.
