Finantsinspektsioon has not breached Union law, continues its successful work on AML

17/04/2019

News

The European Banking Authority (EBA) has closed its investigation into a possible breach of Union law by the Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon) and the Danish Financial Services Authority (Finanstilsynet) in connection with money laundering activities linked to Danske Bank and its Estonian branch in particular.

At a vote at its meeting on 16 April 2019 the EBA’s Board of Supervisors concluded that there has not been a breach of Union law and decided to close the investigation without issuing a recommendation.

Finantsinspektsioon forced Danske Bank to close its high-risk non-resident portfolio already in 2015, following two extensive on-site inspections in 2014. The authority has steadily reduced the share of non-residents in the Estonian banking system from 19% in 2014 to around 7% at the end of last year. Anti-money laundering has been one of key priorities for Finantsinspektsioon, and it is continuously highlighted in its newest strategy.

More news

1204.24

Finantsinspektsioon held a joint seminar with the Securities and Exchange Commission

Finantsinspektsioon held a seminar on 8-12 April with experts from the US Securities and Exchange Commission (SEC) that discussed the best practices in market oversight and securities enforcement, including investor protection and practical exercises, together with training on investigating marke

1503.24

Scam emails are being sent out in the name of Finantsinspektsioon

Scam emails are being sent out in the name of Kilvar Kessler, head of Finantsinspektsioon, from an address ending @ee-fi.com. The emails are frauds, and Finantsinspektsioon urges people to be vigilant and not to open such emails.

0403.24

There have been problems with access to everyday banking services says Kilvar Kessler

Basic payment services should be available even if providing those services does not bring significant income to the banks said chair of the Finantsinspektsioon board Kilvar Kessler today at an information seminar organised for banks and bank branches.

0403.24

Kilvar Kessler tells a conference that Finantsinspektsioon is increasing the resilience of the financial sector

Tensions in international relations have led Finantsinspektsioon to pay more attention than previously to the operation of vital financial services during a crisis said chair of the Finantsinspektsioon board Kilvar Kessler at a conference on economic security on Tuesday.