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11/06/2024

To comply with the new Law on the Prevention of Money Laundering and Terrorist Financing, the Council of the Central Bank of Montenegro adopted the Decision establishing guidelines for risk analysis and guidelines for establishing the system for managing the risk of money laundering and terrorist financing by reporting entities under the supervision of the Central Bank of Montenegro.

The Guidelines regulate in more detail the performing of obligations by credit, microcredit and payment institutions, entities that perform receivables purchase, financial leasing, factoring and all other financial institutions supervised by the CBCG in the prevention of money laundering and terrorist financing. The guidelines also regulate in more detail the preparation of risk analysis, applying an approach based on assessing the risk of money laundering and terrorist financing and the measures to manage this risk.

The preparation of the Guidelines included transposing the provisions of the European Banking Authority governing the assessment of the risk of money laundering and terrorist financing and the undertaking of appropriate risk management measures. Establishing the Guidelines and ensuring that all reporting entities comply with them ensures a high-quality system for preventing money laundering and terrorist financing and creates conditions for timely prevention.

To fulfil the CBCG's obligation to determine the quarterly countercyclical buffer rate for the territory of Montenegro stemming from the Law on Credit Institutions, the Council adopted the Decision on the Countercyclical Capital Buffer Rate for Q3 2024. Based on the previously conducted analysis of relevant trends in the banking sector and the overall economy, the Decision determined that the countercyclical capital buffer rate for Q3 2024 would be 0%.