Provision of advice to clients
1. The main service is to provide advice to clients dealing in the financial field, i.e. crypto, Forex etc.
The client must describe what they are providing advice in regards of and the AML rules will be formed accordingly.
General information about the above-mentioned license
The operating licence is issued by the Estonian Financial Intelligence Unit (FIU), which is an independent structural unit of the Estonian Police and Border Guard Board. Link
It is possible to apply for this license together with the crypto licenses as well. When applied together, two or more applications must be submitted and two or more licenses are issued.
The main acts that regulate the activity can be found here.
The company is qualified as a Financial Institution, but has no special reporting requirements to tax authorities. Accounting must be done like for any other company. No special reporting to the regulator is needed, but FIU can always make precepts and inquiries about the company's activities. You may find Financial Intelligence Unit's advisory guidelines here.
§ 75. Revocation of authorisation/license
In addition to the grounds provided for in subsection 1 of § 37 of the General Part of the Economic Activities Code Act, the Financial Intelligence Unit will revoke authorization specified in subsection 1 of § 70 of this Act where:
the Financial Supervision Authority has granted authorisation to the undertaking;
the undertaking repeatedly fails to follow the precepts of the supervisory authority;
the undertaking has not commenced operation in the requested field of activity within six months from the issue of the authorisation.
As per June 20th. 2018, our clients have received 4 refusals because of one or more reasons listed below
There is a foreign corporate shareholder (offshore), which can't present criminal records
Related persons have a U.S.A. citizenship. Our experience shows that it is difficult to get a criminal record certificate from the U.S.A., which is compliant to the FIU requirements
Related persons have had a criminal record in the past