I.E.L.C.

Slideshow Corporate

I.E.L.C.

law office professionally provides services in the field of company registration, immigration and real estate since 2006.

Bureau philosophy: Dictum - Factum

No sooner said than done, it's not just words,
it's the nature and advantages of the our office

Lawyers of the bureau are ready to fulfill various orders of our clients

* on business registration,
* immigration
* real estate buying and selling

- with high quality and on time

OUR SERVICES

The IELC Bureau works in all branches of law on the international market and offers a wide range of services in the field of business registration and support, immigration, financial consulting, real estate registration and much more.

KYC/AML Officer Services

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.

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.

I.E.L.C. MTÜ 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.

Order on request

MAIN RESPONSIBILITIES

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.

FREQUENTLY ASKED QUESTIONS

What position should a KYC/AML Officer occupy in the company?

The Compliance Officer is either an employee of the company or is a part of the governing body, that is, the Board of Directors of the company. It is also possible to order this service from a third-party company.
The duties of the AML Officer can be performed by an employee or a structural unit. If the tasks of the contact person are carried out by the structural unit, then the Head of that structural unit is responsible for completing the tasks of the Compliance Officer.
The RAB and the competent supervisory authority are informed of the appointment of the Compliance Officer.

Who should a Compliance Officer answer to?

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Is experience required to work as a KYC/AML Officer?

The Compliance Officer is either an employee of the company or is a part of the governing body, that is, the Board of Directors of the company. It is also possible to order this service from a third-party company.
The duties of the AML Officer can be performed by an employee or a structural unit. If the tasks of the contact person are carried out by the structural unit, then the Head of that structural unit is responsible for completing the tasks of the Compliance Officer.
The RAB and the competent supervisory authority are informed of the appointment of the Compliance Officer.

What if the company is not in compliance with AML requirements?

The Compliance Officer is either an employee of the company or is a part of the governing body, that is, the Board of Directors of the company. It is also possible to order this service from a third-party company.
The duties of the AML Officer can be performed by an employee or a structural unit. If the tasks of the contact person are carried out by the structural unit, then the Head of that structural unit is responsible for completing the tasks of the Compliance Officer.
The RAB and the competent supervisory authority are informed of the appointment of the Compliance Officer.

When does an enterprise need a Сompliance Officer?

The Compliance Officer is either an employee of the company or is a part of the governing body, that is, the Board of Directors of the company. It is also possible to order this service from a third-party company.
The duties of the AML Officer can be performed by an employee or a structural unit. If the tasks of the contact person are carried out by the structural unit, then the Head of that structural unit is responsible for completing the tasks of the Compliance Officer.
The RAB and the competent supervisory authority are informed of the appointment of the Compliance Officer.

Can a KYC/AML Officer be outside Estonia?

The Compliance Officer is either an employee of the company or is a part of the governing body, that is, the Board of Directors of the company. It is also possible to order this service from a third-party company.
The duties of the AML Officer can be performed by an employee or a structural unit. If the tasks of the contact person are carried out by the structural unit, then the Head of that structural unit is responsible for completing the tasks of the Compliance Officer.
The RAB and the competent supervisory authority are informed of the appointment of the Compliance Officer.

How are the application for a crypto-license in Estonia and the presence of a company’s KYC/AML Officer related?

The Compliance Officer is either an employee of the company or is a part of the governing body, that is, the Board of Directors of the company. It is also possible to order this service from a third-party company.
The duties of the AML Officer can be performed by an employee or a structural unit. If the tasks of the contact person are carried out by the structural unit, then the Head of that structural unit is responsible for completing the tasks of the Compliance Officer.
The RAB and the competent supervisory authority are informed of the appointment of the Compliance Officer.

How to find a suitable KYC/AML Officer for the company?

I.E.L.C. MTÜ 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.

Enterprises registration

One of the main activities of our bureau is the registration of enterprises in various jurisdictions of the globe. Many years of our practice indicates a strong demand for tax-free and low-tax companies from entrepreneurs in many countries of the world who want to optimize their business and have successful tax planning. We also specialize in financial consulting and optimization.

Immigration

The immigration service has a steady demand for pragmatic citizens of countries with developing economies and countries of the former USSR.
Citizenship and residence programs in advanced economies are periodically closed based on changes in local laws, so those who are serious should understand that the later they decide to act, the more expensive and more difficult it will be.

Real estate

Real estate is a modern engine of economic development in many countries of the world. The real estate market always has supply and demand. This area of business is directly related to the legal support of transactions, so the purchase and sale, rent, housing lending of property anywhere in the world is one of the activities of our company.