Bosnia and Herzegovina’s AML/CTF supervisors
In Bosnia the State Investigation and Protection Agency (SIPA) was established in 2002 and has the authority to receive, gather, store, analyse, and disseminate information pertaining to suspected proceeds of crime and potential terrorism financing in the form of Suspicious Activity Reports (SARs).
How do you comply with AML/CTF regulations in Bosnia and Herzegovina?
Article 209 of Bosnia and Herzegovina's Criminal Code prohibits money laundering. The following entities are subject to the AML legislation's provisions for detecting and preventing money laundering and terrorism financing activities:
Banks and insurance firms
Brokerages for insurance
Brokers with authorisation to transact in financial instruments and foreign exchange
Interest rates, index securities, transferrable securities, and futures contracts on commodities
Organisations that deal with electronic payments
Investment and pension funds
Casinos and other lottery organisers, particularly that host betting games, slot machine and lottery games
Notaries, attorneys, accountants, and auditors
Real estate agents
You must do a risk analysis as an AML reporting entity in Bosnia and Herzegovina, which establishes the following:
Establishing a commercial relationship with a customer
The existence of doubts on the credibility and adequacy of previously obtained information about the client or the beneficial owner
Performing a transaction of at least 30,000 KM, whether it is a single transaction or several connected ones
Existence of uncertainties regarding the veracity and sufficiency of previously acquired information regarding the customer or the beneficial owner
After identification, the conclusion of a transaction, the closing of an account, or the expiration of a contract's validity, all information, data, and documents received must be retained for at least 10 years.
What are my AML/CTF reporting obligations?
When a suspicion has been raised and before the transaction is completed, all reporting entities are required to notify the Financial Intelligence Department and provide them with the pertinent information, data, and documentation. The term within which the transaction is anticipated to be completed must be stated in the report.
Additionally, you are required to disclose cash transactions totalling 30.000 KM or more as well as related transactions that add up to 30.000 KM or more.