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Estonian regulator withdraws payments firm's license over AML breaches

The Estonian Financial Supervision and Resolution Authority withdrew GFC Good Finance Co. AS' license to operate as a payment institution, citing breaches of money laundering law.

The regulator said there have been wide-ranging problems with GFC Good Finance's anti-money laundering operations and its implementation of know-your-client procedures, adding that the company's own funds have been below the required minimum amount despite repeated warnings.

GFC Good Finance's violations and shortcomings were first found in October 2017.