On 22-23 September 2022, the Council of Europe’s Economic Crime and Cooperation Division (ECCD) organised a two-day in person training on conducting anti-money laundering and countering the financing of terrorism risk-based supervision of the financial sector. The training was designed to target the specific needs of the Croatian Financial Services Supervisory Agency (Hanfa), and namely the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) team but was also attended by some representatives of the Croatian National Bank (CNB).
The training was launched with an overview of the main purpose and objectives of a risk-based approach to supervision, followed by a presentation on the development of risk profiles for obliged entities under the purview of both Hanfa and CNB, as well as on the use of various on-site and off-site supervisory tools. Participants could for instance reflect on the inherent money laundering and terrorist financing (ML/TF) risks of their supervised sectors. Moreover, they could exchange on the current number of inspections and other types of outreach with a view of detecting possible improvements. Finally, the training allowed the supervisory authorities to practice the development of a risk-based supervisory plan and learn more about the specificities of virtual assets service providers (VASPs)’ supervision.
The training is part of wider Council of Europe efforts aimed at supporting Hanfa and CNB with enhancing their AML/CFT risk-based supervisory approach. In parallel, the ECCD has for instance undertaken an expert review of both institutions’ risk-assessment methodologies, with the aim of providing recommendations for further improving it in line with relevant international standards.
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.