The number of executed cash transactions increased by over 3.9 million compared to 2018 euros, while the number of executed non-cash transactions decreased by almost 82 million euros, according to banks’ analysis of the questionnaire on activities in the field of money laundering prevention in 2019 published by the National Bank of Serbia.
The number of inflow and payment transactions with high-risk countries has decreased, while the number of inflow and payment transactions with offshore countries has increased, according to the NBS report on banks’ activities in the field of money laundering and terrorist financing risk management.
The number of high-risk parties is slightly above the average for the previously analyzed periods, and amounts to slightly more than 75.5 thousand euros.
All banks have stated that they have not established a correspondent relationship with a bank or other similar institution based in a foreign country that is on the list of countries that have strategic shortcomings in the system for combating money laundering and terrorist financing.
Banks, as the largest factors in the financial system, represent the most sensitive part of the financial sector in terms of exposure to the risk of money laundering and terrorist financing, according to the Serbian Central Bank.
However, the analysis of data and information related to the measures taken by banks to adequately manage and control the risk of money laundering and terrorist financing during 2019, indicates that this risk has been significantly reduced.
Namely, all banks have established their own systems for managing the risk of money laundering and terrorist financing.
Almost all banks, 25 out of 26 banks, use some of the transaction and customer tracking software to detect suspicious transactions and persons, while one bank is in the process of final testing, before putting the software into operation.
All banks use one of the commercial bases for filtering parties and transactions by embargo and so-called blacklists (OFAC, UN, EU, etc.).
As it is stated, 23 out of 26 banks have a special organizational unit that deals exclusively with the implementation of the Law on Prevention of Money Laundering, while three banks perform those tasks within other organizational units, Nova Ekonomija reports.
