Precise extract from the law:
§ 72. Object of inspection of authorisation
(1) Authorisation is granted to an undertaking where:
1) the undertaking, a member of its management body, procurator, beneficial owner and owner do not have any unexpired conviction for a criminal offence against the authority of the state, offence relating to money laundering or other wilfully committed criminal offence;
1.1) the persons specified in clause 1 of this subsection have good business reputation;
2) the compliance officer appointed by the undertaking on the basis of § 17 of this Act meets the requirements provided for in this Act;
3) the undertaking’s subsidiary whose activities the authorisation sought in the name of the undertaking is to be used for meets the requirements specified in clauses 1 and 2 of this section;
4) the registered seat, the seat of the management board and place of business of the undertaking applying for authorisation in the field of activity specified in clause 4 of subsection 1 of § 70 of this Act is in Estonia or a foreign company operates in Estonia via a branch that is registered in the commercial register and the place of business and the seat of the head of which is Estonia;
5) a payment account has been opened for the undertaking applying for authorisation in the field of activity specified in clause 4 of subsection 1 of § 70 of this Act in a credit institution, e-money institution or payment institution that has been established in Estonia or in a contracting state of the European Economic Area and provides cross-border services in Estonia or has established a branch in Estonia;
6) the share capital of the undertaking applying for authorisation in the field of activity specified in clause 4 of subsection 1 of § 70 of this Act is at least 12,000 euros and has been contributed in full.
(2) Whether the business reputation is good is assessed by the issuer of the authorisation, taking into account the person’s prior activities and related circumstances. The existence of good business reputation is presumed where circumstances calling into doubt are absent.
[RT I, 31.12.2019, 2 – entry into force 10.03.2020]