New Guidelines for assessing money laundering risks

Today, at the 16th session, the Securities Commission adopted the new Guidelines for Money Laundering and Terrorism Financing Risk Assessment and Application of the Law on Prevention of Money Laundering and Terrorism Financing for Entities Supervised by the Securities Commission.

The Guidelines are intended for the six categories of entities supervised by the Securities Commission: investment fund management companies, broker-dealer companies, authorized banks, custody banks - depositaries, audit firms and sole practitioners and digital asset service providers (providing services in connection with digital tokens).

Considering the new, further improvements of the effectiveness of the system to combat money laundering and terrorist financing, the new Guidelines reflect those improvements. The adjustments were also required in view of the new Law on Digital Assets. Moreover, the Guidelines have been fully aligned to the Recommendation 15 of the FATF – Financial Action Task Force, and also took into consideration the provisions of the 5th money laundering directive, or 5MLD for short, European Union directive designed to prevent the use of the financial system for the purposes of money laundering or terrorist financing.

The Guidelines provide direction to supervised entities how to conduct the general money-laundering and terrorism-financing risk assessment in their operations, and how to conduct risk assessment and analysis in individual cases, where business relations are established.

For the time being, the Guidelines are available in Serbian only: