Croatian Regulators Comply with European Recommendations on Suspicious Transactions

By 15 December 2019

ZAGREB, December 15, 2019 - The Croatian Financial Services Supervisory Agency (HANFA) mostly complies with recommendations by European regulators regarding the prevention of suspicious transactions, an analysis by the European Securities and Markets Authority (ESMA) shows.

ESMA analysed the work of regulators in 30 European countries in the categories supervision of financial companies and the system of detection of suspicious transactions. Also analysed were the regulators' responses to poor-quality reporting or non-reporting of suspicious transactions.

ESMA also assessed the quality of regulatory analyses of suspicious transactions, cross-border data exchange, and supervision resources.

HANFA was assessed as mostly compliant in three of the six assessment areas, fully compliant in two areas and partially compliant in one.

In the area of supervision of financial companies, Croatia was assessed as mostly compliant, together with Belgium, the Czech Republic, Denmark, Greece, Luxembourg, Poland, Portugal, Slovakia, Finland, Sweden, Iceland and Norway.

An analysis of the supervision of systems for the detection of suspicious transactions put Croatia in a group of countries that are fully compliant with European regulations, together with Belgium, France, Italy, the Netherlands, Portugal and Great Britain.

HANFA's response to poor-quality reporting and non-reporting of suspicious transactions brought it an assessment of partial compliance with European recommendations. The same assessment was given to the regulators of Denmark, Greece, Poland, Estonia, Latvia, Lithuania, Malta, Romania, Iceland and Slovakia.

In the fourth area, the European regulator analysed suspiciuos transactions, describing Croatia as mostly compliant, together with 19 other countries.

In the fifth area, ESMA analysed cross-border data exchange on suspicious transactions, describing Croatia as mostly compliant with European recommendations, along with 15 other European countries.

In the area of national competent authorities' resources, Croatia is fully compliant with European recommendations, along with 16 other European countries.

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