Activity licence for the provision of financial services

You need to apply for an activity licence if you wish to operate in the following fields of activity:

  • operating as a financial institution (including a lessor and lender);
  • providing trust and company services;
  • providing currency exchange services;
  • providing services of alternative means of payment;
  • providing pawn-broking services;
  • buying-in or wholesale of precious metals, precious metal articles or precious stones.

The Financial Intelligence Unit grants the activity licence without a term.

The activity of financial service providers is regulated by the following legislation:

Requirements for the applicant

For the grant of an activity licence, your undertaking, a member of its management body, procurator, beneficial owner and owner cannot have any unexpired penalty for a criminal offence against the authority of the state, criminal offence relating to money laundering or another wilfully committed criminal offence.

Additionally, the compliance officer designated for the prevention of money laundering and terrorist financing must have the education, professional suitability, abilities, personal characteristics and experience required for performance of the duties provided by law and impeccable reputation.

Cross-border operation

The rules of operating in the relevant fields of activity subject to authorisation obligation have not been harmonised across the EU. An activity licence granted in another state of the European Economic Area does not grant the right to operate in Estonia, and vice versa.

Information about operating in another state of the European Economic Area is available at the EUGO Point of Single Contact of the relevant state.

Completing and submitting an application

For the grant of an activity licence, please submit an application, internal control rules and internal procedure rules in accordance with sections 29 and 30 of the Money Laundering and Terrorist Financing Prevention Act.

If a member of the undertaking’s management body, procurator, beneficial owner or owner is a foreign national or if the undertaking has been established abroad, a certificate of the criminal records database or an equal document issued by a competent judicial or administrative body of its country of origin, which certifies the absence of a penalty for an offence against the authority of the state or a money laundering offence or another wilfully committed criminal offence, and has been issued no more than three months before and has been notarised or authenticated and legalised pursuant to an equal procedure or authenticated with a certificate replacing legalisation (apostille), unless otherwise provided by an international agreement.

If the company is being founded, please add a memorandum of association or the foundation resolution, or at least one transcript thereof, which is notarised or certified in the equivalent manner. An activity licence issued to an undertaking upon foundation becomes effective upon the acquisition of passive legal capacity thereby at the earliest.

NB! Please pay the state fee before submitting your application.

You can submit your application:

Payment of the state fee

To apply for an activity licence, please pay the state fee of 345 euros to one of the following bank accounts:

  • SEB Pank – EE891010220034796011 (SWIFT: EEUHEE2X);
  • Swedbank – EE932200221023778606 (SWIFT: HABAEE2X);
  • Danske Bank – EE403300333416110002 (SWIFT: FOREEE2X);
  • Nordea Bank – EE701700017001577198 (SWIFT: NDEAEE2X).

Please add reference number 2900082498.

The processing of an application

The submitted application is processed within 30 days as of the receipt of all the required information. An initial response from the Financial Intelligence Unit is sent no later than on the third working day as of the submission of the application.

You will be notified of the receipt of an activity licence by e-mail. The activity licence is issued electronically and without a term.

Amendments to the conditions of activity licences

In case of any changes to the conditions that were reviewed as a prerequisite for the grant of an activity licence (see “Requirements for the applicant”), you must notify the Financial Intelligence Unit thereof at least 30 days before the implementation of the planned change.

Notification of changes taken place independently of your will or changes to any other information on the application for an activity licence must be sent as soon as possible, but no later than within 5 working days.

If you are notifying of a change of the undertaking, a member of its management body, procurator, beneficial owner or owner and the person concerned is a foreign national, then please include a document certifying the absence of unexpired penalties.

Information about changes can be submitted:

Revocation of an activity licence

An activity licence is revoked, if:

  • it becomes evident that you have intentionally submitted incorrect information in the application for an activity licence, which could affect the adjudication of the application, if, upon failure to submit such information, the grant of the activity licence should be refused;
  • you renounce economic activities.

An undertaking is also deemed to have renounced economic activities if it fails to forward the required annual confirmation about having informed the Financial Intelligence Unit of any changes to the conditions of the activity licence.

An activity licence may be revoked if you fail to commence economic activities within two years after the issue of the activity licence or fail to pursue economic activities within two years, or you no longer fulfil the conditions that were the prerequisites for the grant of an activity licence.

Supervision

The Financial Intelligence Unit executes governmental supervision over the fulfillment of requirements of the activity licences and the area of money laundering and terrorism financing prevention.

The Consumer Protection Board executes governmental supervision over the field of consumer rights.

Contact details

Substantive information

The Financial Intelligence Unit, phone +372 612 3840, e-mail rahapesu@politsei.ee

General information and technical questions regarding the register

The register of economic activities, phone +372 668 7080, e-mail register@mkm.ee

Last amended: 02-06-2017 10:28 | Compiled by: Police and Border Guard Board