Deputy PM and Minister of Trade, Tourism and Telecommunications Rasim Ljajić has signed new ML/TF Risk Assessment Guidelines for Real-Estate Trade and Lease Agents.
The amended AML/CFT Law (Official Gazette of RS, 91/19) that entered into force on 1 January 2020 requires (Article 70) from obliged entities to align their internal policies and procedures with the amended AML/CFT Law. Given that the internal policies and procedures need to be also in line with the guidelines that are passed by the AML/CFT supervisor, it was therefore necessary to update the guidelines too.
In addition, the national AML/CFT Strategy 2020-2024 and its Action Plan (2020-2022) requires AML/CFT supervisors to align their ML/TF risk-assessment guidelines with the amended AML/CFT Law.
The obliged entities (real-estate agents) must adjust their operations to the provisions of the updated guidelines, in line with the AML/CFT Law.
These new guidelines repeal the previous guidelines of 4 September 2018. They enter into force on the date of signature and publication on the website of the Ministry of Trade, Tourism and Telecommunications.
Risk analysis has the aim of facilitating conclusions about real-estate agents' clients that may potentially pose higher or lower ML/TF risks and taking appropriate action in order to respond adequately to the risks found. It must be highlighted that these guidelines do not consitute the list of exact steps the obliged entity needs to take in order to conduct an internal risk assessment, but it rather helps them understand obliged-level risks better and give them an idea of the action to be taken.
Countries must conduct national ML/TF risk assessments (NRA) and design measures to mitigate the risks found in the risk-assessment exercise. The outcome of the NRA serves as a point of departure and a mandatory grounds on which the obliged entity will build their own risk assessment related to their operations.
National ML/TF Risk Assessment