BCSDN published a Policy Brief on AML/CFT Regulations in the Western Balkans and Turkey, providing a comparative analysis of regional AML/CTF regulations and their implications on the CSO sector. The AML/CFT regulations in the WBT have been reflected in many areas: the reporting requirements by the state, the registration of CSOs and related administration requirements, the access to financial services, as well as the supervision, monitoring, and control over the sector. It presents challenges faced by CSOs related to the risk-based approach, beneficial ownership definition, and the treatment of CSOs by financial institutions, but also discusses cases of misuse of legislation and international standards in some of the countries. The paper further discusses challenges, best practices, examples from the region, and tailored recommendations to all relevant bodies. Read more here.
Source: BCSDN