1. Regulatory framework
BELGROUP BALTIA OÜ conducts its wholesale trading business in compliance with the Estonian Money Laundering and Terrorist Financing Prevention Act (Rahapesu ja terrorismi rahastamise tõkestamise seadus) and applicable European Union, United Nations, United Kingdom and United States sanctions regimes.
We are a non-financial obliged-entity-adjacent business: we apply equivalent counterparty due diligence and sanctions screening to every customer and supplier even where not a formally obliged entity under § 2 of the Act.
2. Counterparty due diligence
Before opening a commercial relationship, we collect and verify:
- Legal entity identification (commercial register extract, VAT number, registered address).
- Beneficial-ownership information (Art. 30 (4) AMLD5 / Estonian AML Act § 9).
- Authorised representatives and their identification documents.
- Nature of business, intended transaction profile, and source of funds.
- Adverse-media and PEP screening through established compliance databases.
3. Sanctions screening
We screen every prospective and existing counterparty, beneficial owner and authorised representative against the consolidated EU restricted-party list (Regulation (EU) 2580/2001 and related), the United Nations Consolidated List, UK OFSI list and US OFAC SDN list before transacting, and at periodic intervals thereafter.
We do not source from, deliver into, or process payments related to the Russian Federation, the Republic of Belarus, or any other jurisdiction subject to comprehensive EU sanctions, and we do not handle goods listed in Annexes II, IV, VII or XXIII of Regulation (EU) 833/2014.
4. Payments
All trade settlement is performed in euro through EU-licensed credit institutions (Coop Pank, LHV Pank). We do not accept cash payments, crypto-asset payments, or third-party payments.
5. Reporting and recordkeeping
Where required, suspicious activities are reported to the Estonian Financial Intelligence Unit (Rahapesu Andmebüroo). Due-diligence records are retained for five years after the end of the business relationship as required by § 47 of the Money Laundering and Terrorist Financing Prevention Act.
6. Compliance contact
Compliance and sanctions enquiries: pl@belgroup.ee, subject line “Compliance”.