Which companies have a responsibility to prevent money laundering and terrorism?
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:
- a risk assessment related to money laundering and terrorist financing taking into acoount the company's activities,
- a documented risk appetite approved by the board, and
- written rules of procedure by which the company hedges and manages these risks.
Where to start?
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.
You don't have to do everything yourself
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.
Mogo, ESTO, Estravel, Maaelu Edendamise Hoiu-laenuühistu, Berger Financial Group, Trigon Asset Management and others.
How can we help you?
We offer three options.
- We analyze the compliance of your company's anti-money laundering procedures with the law.
- We analyze the compliance of money laundering prevention procedures with the assessment of risks and the recognition of risk appetite.
- In addition to analyzing the compliance of all documents with the law, we also test how money laundering procedures are actually performed in your company.
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.
Practical advice makes the job easier
“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.”
Member of the board of OÜ SAGA Family Office
"Our experience in advising companies shows that the prevention of money laundering can be further improved by focusing the activities on what is important and by using automated tools and solutions."
Head of Business Risk Services, Senior Internal Auditor
The activities of companies in preventing money laundering are being scrutinized
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.
Choosing the right partner is paramount
"As a provider of financial services, Placet Group OÜ operates in a field with special requirements and the company's activities must be in perfect condition, which is why the choice of the right cooperation partner is for us an important decision. When choosing a cooperation partner, we highly value the qualifications and experience of our employees, reliability and the availability of the service.
Grant Thornton Baltic OÜ has been such a partner for us for several years. Placet Group OÜ has used various services of Grant Thornton Baltic OÜ, from the training of the employees in various fields to purchasing an internal audit service. In the latter case, we can point out that the audit was carried out quickly, professionally and with relevant observations, which gave our company great added value."