In February 2023 the Council of Europe Economic Crime and Cooperation Division (ECCD) undertook a needs assessment of Croatian National Bank’s (CNB) resources dedicated to Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT). The needs assessment was launched through a working meeting held with the CNB representatives on 27 February 2023 which allowed to clarify the existing resources dedicated to the AML/CFT Unit within CNB, as well as the current distribution of tasks. 

Among others, the conducted review has identified opportunities for maximizing the efficient use of resources among which by automating the processing of AML/CFT questionnaires and the conduct of risk assessment-related activities. Gained resourcing efficiency could thus be invested in data analysis work on an ongoing basis, to support the proactive risk-based supervision of obliged entities and sectors. Maintaining a quarterly review of resource usage was also suggested, to ensure a proactive approach towards scheduled supervisory activities.

The needs assessment’s key findings and follow-up suggestions were further presented and discussed with CNB representatives during a workshop organised on 6 June 2023 in Zagreb, Croatia. The event also provided an opportunity to discuss available methods for conducting self-assessment of effectiveness regarding the implementation of risk-based supervision, including through the use of IT solutions. CNB representatives could learn for instance useful tips for measuring the effectiveness of their supervisory work and for making necessary adjustments. 

The event was organised within the framework of the Technical Support Instrument initiative “Risk-Based Supervision of Anti-Money Laundering and Countering the Financing of Terrorism in Croatia”, funded by the European Commission’s Directorate General for Structural Reform Support (DG REFORM) and the Council of Europe and implemented by the Council of Europe.