AMLkontrolli

AMLkontrolli is the set of policies, procedures, and controls used to prevent money laundering and the financing of terrorism. In Estonian context, it refers to the anti-money laundering controls that financial institutions and other obliged entities implement to detect, assess, and mitigate financial crime risks.

Core components include customer due diligence (CDD) and know-your-customer (KYC) practices, which involve identifying and verifying clients and understanding the purpose and nature of their business relationships. A risk-based approach is applied to assign risk levels to customers and transactions, with enhanced due diligence (EDD) for high-risk cases. Ongoing transaction monitoring, sanctions screening, and politically exposed person (PEP) checks are used to detect suspicious activity. Records are kept for a specified period, and any unusual or suspicious activity must be reported to the competent authorities through appropriate reporting channels (for example, suspicious activity or transaction reports).

The legal framework for AMLkontrolli in Estonia and the broader European Union comprises EU anti-money laundering directives (notably the 4th and 5th directives) transposed into national law, such as the Money Laundering Prevention Act. Supervisory and enforcement responsibilities generally lie with the national financial supervisory authority, such as Finantsinspektsioon, along with other competent authorities. Sectors subject to AML controls include banks, payment institutions, and other financial service providers, as well as certain non-financial professionals under specified circumstances.

Implementation typically requires an internal AML program with a designated compliance officer, written policies and procedures, staff training, independent controls or audits, and robust data management. The goal of AMLkontrolli is to reduce the risk of financial crime, preserve the integrity of the financial system, and protect customers, while balancing privacy and operational efficiency.