The Action against Economic Crime organised a half-day online meeting with representatives of the supervisory authorities of the financial sector with the aim to discuss the licensing process and requirements for supervisors to mitigate the risks of criminals and their associates infiltrating supervised entities.

During the meeting different aspects of the licensing process were presented, including the FATF requirements as part of the licensing, aspects that need to be considered for an effective licensing process, such as the implementation of fit and proper checks, based on transparency and verification of the information, control procedures, identification of the beneficiary owners of financial institutions, risks related to potential misuse of shell companies and informal nominees, as well as opaque (non-transparent) ownership structures. The presentations were accompanied by case studies.

This activity is organised and funded by the European Union and the Council of Europe “Horizontal Facility for the Western Balkans and Turkey” phase II.