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Off-site supervision report

03-Apr-2013 14:46:01

As of 2012, the Administration for the Prevention of Money Laundering conducts off-site supervision, in addition to on-site inspections, of accountants and auditors through questionnaires sent to the obliged entities concerning the implementation of AML/CFT legislation and subsequent analysis of the replies. Having analyzed the replies, we noted a lack of clarity in certain issues, especially as they concern the identification of the customer or owner who is a foreign official (foreign PEP) and with respect to the application of certain CDD to be applied depending on the level of the ML/FT risk that the client is exposed to. The analysis of the auditing and accounting service providers’ replies to the questionnaires can be downloaded from the link below.

2011 Administration for the Prevention of Money Laundering