BOSNIA AND HERZEGOVINA BANKS TO FOLLOW COMPLIANCE PROCEDURES
The Central Bank of Bosnia and Herzegovina has published a list of banks operating in the country, outlining compliance procedures that these institutions must follow.
Compliance Procedures for Banks in Bosnia and Herzegovina
According to the list, banks operating in Bosnia and Herzegovina are required to follow specific compliance procedures. These procedures aim to ensure the stability and security of the banking system by promoting transparency, accountability, and security among banks.
In the Federation of Bosnia and Herzegovina
There are 16 banks listed in the Federation of Bosnia and Herzegovina that must follow these compliance procedures:
- Addiko Bank d.d. Sarajevo
- ASA Bank d.d. Sarajevo
- Bosna Bank International d.d. Sarajevo
- Intesa Sanpaolo Banka d.d. Bosna i Hercegovina
- Komercijalno-investiciona banka d.d. V.Kladuša
- NLB Banka d.d. Sarajevo
- Privredna banka Sarajevo d.d. Sarajevo
- ProCredit Bank d.d. Sarajevo
- Raiffeisen Bank d.d. BiH
- Razvojna banka Federacije BiH
- Sparkasse Bank d.d. BiH
- UniCredit Bank d.d. Mostar
- Union banka d.d. Sarajevo
- ZiraatBank BH
In the Republic of Srpska
There are five banks listed in the Republic of Srpska that must follow these compliance procedures:
- Komercijalna banka d.d. Bijeljina
- Nova Banka d.d. Banja Luka
- Privredna banka Republike Srpske d.d. Banja Luka
- Raiffeisen Bank d.d. BiH (Banja Luka)
- UniCredit Bank d.d. Banja Luka
Compliance Procedures
Banks operating in Bosnia and Herzegovina are required to follow the following compliance procedures:
- Maintaining accurate financial records: Banks must ensure that their financial records are accurate, complete, and up-to-date.
- Adhering to anti-money laundering regulations: Banks must comply with anti-money laundering regulations to prevent money laundering and terrorist financing.
- Ensuring the security of customers’ data: Banks must protect customers’ sensitive information from unauthorized access or theft.
- Implementing effective internal control systems: Banks must have robust internal controls in place to ensure that their operations are secure, reliable, and transparent.
- Conducting regular risk assessments: Banks must regularly assess their risks and take steps to mitigate them.
International Standards and Best Practices
Banks operating in Bosnia and Herzegovina are also required to adhere to international standards and best practices in compliance procedures. These include:
- Maintaining accurate financial records
- Adhering to anti-money laundering regulations
- Ensuring the security of customers’ data
- Implementing effective internal control systems
- Conducting regular risk assessments
By following these compliance procedures, banks can minimize their risks and ensure that they are operating in a safe and secure environment.
Penalties for Non-Compliance
Banks that fail to comply with the compliance procedures outlined by the Central Bank of Bosnia and Herzegovina may face penalties and fines. The list of banks is available on the website of the Central Bank of Bosnia and Herzegovina, and it can be accessed by clicking on the link provided. The list will be updated regularly to reflect any changes in the banking sector.
Banks are required to inform the Central Bank of Bosnia and Herzegovina about any changes to their data, including updates to their addresses, phone numbers, and management boards.
The compliance procedures outlined in the list aim to ensure that banks operating in Bosnia and Herzegovina maintain high standards of transparency, accountability, and security. By following these procedures, banks can build trust with their customers and contribute to the stability and growth of the country’s economy.