Back Supporting the Croatian financial supervisory authorities with the developing IT supervisory tools

Supporting the Croatian financial supervisory authorities with the developing IT supervisory tools

On 20-21 September 2022, the Council of Europe’s Economic Crime and Cooperation Division organised two consultative workshops for representatives of the Anti-Money Laundering and Countering the Financing (AML/CFT) Units of the Croatian National Bank (CNB) and the Croatian Financial Services Supervisory Agency (Hanfa), on the development of automated supervisory tools for data collection and management, as well as for automated money laundering and terrorist financing (ML/TF) risk assessment of obliged entities under their supervision.

To set up the base for discussion, the two financial supervisors have provided an overview of existing tools used for both on-site and off-site supervision, while highlighting the encountered challenges and needs for improvement. As a follow-up, the Council of Europe experts presented a set of existing practices within European Union Member States and available automatisation options.

Participants could also exchange on the required steps for the automatisation of supervisory processes, such as the identification of concrete data sources, the data processing for specific purposes, such as the creation of automatic risk profiles of obliged entities, screening and other. CNB and Hanfa representatives could also reflect on the desired format of future automated tools, taking into consideration the current in-house available options.

The project will provide further technical assistance to Croatian authorities in the process of developing the required automated supervisory tools. Upon the identification of the main features of the tools, the Council of Europe will support for instance the authorities with developing concrete technical specifications.

The event was organised within the framework of the Technical Support Instrument initiative “Risk-Based Supervision of Anti-Money Laundering and Countering the Financing of Terrorism in Croatia”, funded by the European Commission’s Directorate General for Structural Reform Support (DG REFORM) and the Council of Europe and implemented by the Council of Europe.

 

Zagreb, Croatia 20 - 21 September 2022
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