New Law on the Prevention of Money Laundering and Terrorism Financing

Serbia
UniCredit Bank Serbia JSC
Summary: 
On 14 December 2017, the Parliament adopted a new Law on the Prevention of Money Laundering and Terrorism Financing. The Law was published in the Official Gazette of Republic of Serbia, no. 113/2017 of 17 December 2017.
Thu, 21/12/2017

The main objective of the new law is to improve the existing system of detecting and preventing money laundering, terrorist financing. Another goal is to harmonize the law with all related international standards.

The major changes relate to the introduction of:

  • New types of customers (e.g. trusts) subject to due diligence
  • New obligors
  • New customer monitoring rules
  • Additional risk analysis to be set up by the obligor 
  • Enhanced customer due diligence actions and measures toward certain types of customers
  • New exceptions to data confidentiality rule

The law will enter into force on 25 December 2017 and its application will start on 1 April 2018.

 

Impact on Investors:  UniCredit Bank Serbia JSC is obliged to harmonize its internal acts governing AML and CTF by 25 March 2018. Should KYC and due diligence process for GSS clients change as a consequence of a new regulation, you will be informed in a timely manner by your Relationship Manager.