Money laundering and terrorist financing risk management

TBB pank is committed to combating money laundering, terrorist financing and other financial crimes and therefore applies appropriate internal procedures to ensure that the services it provides are not used for criminal purposes, money laundering, terrorist financing, violation of international sanctions or fraud.

In its activities TBB pank is guided by good banking practice, Money Laundering and Terrorist Financing Prevention Act (RahaPTS), International Sanctions Act (RSanS), Credit Institutions Act (KAS), guidelines of the Financial Supervision Authority (Finantsinspektsioon) and other applicable laws, instructions, EU regulations and its own internal procedures, especially the bank’s policy for preventing money laundering and terrorist financing and for fulfilling international sanctions.

RahaPTS and the guidelines of the Financial Supervision Authority oblige credit institutions to define and document their own risk appetite, which determines the risks that the bank is prepared to take in its business activities and that it wishes to avoid.

Due to the above TBB pank does not establish business relations and does not provide services to the persons whose activities are contrary to the above-mentioned legislation or whose goals of activity and the origin of the assets used in transactions are not clear or whose legality of the transactions is questionable.

In addition, the bank will not cooperate with customers if the risks associated with the business relationship exceed the bank’s ability to adequately manage the related risks or are in conflict with the principles established by the bank’s risk policy and risk appetite.

Therefore, the bank does not establish business relations with the persons who are residents of the Russian Federation or Belarus, or who, in addition to these countries, have dual citizenship of another country, or with persons whose management or control structure includes a person with the residence of the Russian Federation or Belarus. Other non-resident persons should have a legally justified connection with Estonia in order to establish a business relationship with the bank.

The bank also does not provide cross-border payment services and financing transactions for consumer credit, mortgage loans, factoring and other business transactions to non-resident legal persons and to resident legal persons whose at least one beneficial owner is a non-resident. The bank also does not provide payment services, including card payments, outside the European Economic Area.

The bank does not carry out cross-border transactions, the purpose of which is to violate the restrictions imposed by the Financial Supervision Authority on the bank on 19 February 2024.

The bank has the right to change the principles provided in its own risk appetite and set restrictions regarding the establishing of business relationships and provision of services.