COBALT successfully advised TransferFast in relation to obtaining a full payment institution activity licence

COBALT successfully advised TransferFast, a fintech company offering instant money transfers between banks, obtaining a full payment institution activity licence under Estonian Payment Institutions and E-money Institutions Act.

The assignment included drafting of a business plan and internal rules regulating all required aspects, including prevention of money laundering and terrorism financing, functioning of the internal control system and risk management and all other documents required by the law, as well as representing TransferFast in the Estonian Financial Supervision Authority in proceedings related to the revision of the application for such activity licence.

Estonian Financial Supervision Authority granted the payment institution activity licence to TransferFast on 08.11.2016 (please also see https://www.fi.ee/index.php?id=20311).

COBALT team included partner Kristel Raidla-Talur and associate Sille Rästas.