The Central Bank Council (CBCG) has issued a Decision outlining guidelines for risk analysis and the establishment of anti-money laundering and counter-terrorism financing risk management systems for entities under CBCG supervision.
This decision aligns with Montenegro’s new Law on the Prevention of Money Laundering and Terrorist Financing.
The guidelines detail compliance methods for credit, microcredit, and payment institutions, as well as entities involved in debt collection, financial leasing, factoring, and other financial institutions supervised by CBCG in preventing money laundering and terrorist financing.
Additionally, the guidelines cover risk analysis procedures and the implementation of a risk-based approach to assess money laundering and terrorist financing risks, along with risk management measures.
CBCG emphasized that these guidelines incorporate provisions from the European Banking Authority (EBA) regarding risk assessment and appropriate risk management measures.
By ensuring adherence to these guidelines by all relevant entities, CBCG aims to establish a robust system for preventing money laundering and terrorist financing, facilitating timely prevention efforts.
Furthermore, to meet its quarterly obligation to determine the countercyclical capital buffer rate, CBCG has adopted a Decision setting the rate at zero percent for the third quarter. This decision is based on an analysis of trends in the banking sector and the broader economy.
