Workshop on risk assessment and application of regulations on money laundering and terrorism financing

From 22 until 24 June 2022, a presentation of Guidlenines on 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, in Vršac.

The three-day workshop was organized by the Republic of Serbia Securities Commission in cooperation with the US Embassy in Serbia. The new Guidelines and the results of the National Risk Assessment were presented at the workshop, while the entities supervised by the Commission had an opportunity to present the processes and activities they use in connection with the prevention of money laundering and countering the financing of terrorism.

Let us reiterate that, 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 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.