It is necessary to apply for an activity licence to operate as:
- a financial institution (excluding activities for which licenses are issued by the Estonian Financial Supervision and Resolution Authority)
- a provider of trust and company services
- a provider of pawnbroking services
- in the field of purchasing or wholesale trade of precious metals, precious metal products, or precious stones
Applications can be submitted through the Register of Economic Activities or a notary.
Legal basis
The activity of financial service providers is regulated by:
- Money Laundering and Terrorist Financing Prevention Act
- General Part of the Economic Activities Code Act
- International Sanctions Act
Requirements for the applicant
The requirements for the applicant are derived from the Money Laundering and Terrorist Financing Prevention Act. The website of the Financial Intelligence Unit contains comprehensive information regarding activity licenses and application process:
Trust management and company services
The field of purchase and wholesale of precious metals
- When applying for an activity license, it is necessary to pay a state fee.
Supervision
The Financial Intelligence Unit implements state supervision over compliance with the requirements for an activity license and in the field of preventing money laundering and terrorist financing. The Consumer Protection and Technical Regulatory Authority implements state supervision in the field of consumer rights. Additional information about the supervision carried out by the Financial Intelligence Unit can be found on the following website: fiu.ee
Cross-border activity
The requirements for operating in the fields mentioned above have not been harmonized in the European Union. An activity license issued by another member state of the European Economic Area does not give the right to operate in Estonia, and an Estonian activity license does not provide a basis for operating elsewhere.