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Know Your Customer Rules in Croatia: A Media Exclusive

The Republic of Croatia has implemented a set of policies and measures to prevent money laundering and the financing of terrorism (AML/CFT) within its borders. In an effort to stay ahead of these threats, Digital Assets d.o.o., a leading financial institution in the country, has outlined its own policies and procedures for preventing AML/CFT.

The Know Your Customer Process

At the heart of Digital Assets’ anti-money laundering efforts is the Know Your Customer (KYC) process. This involves verifying the identity of each customer, including natural persons and legal entities, to ensure that they are not involved in any illicit activities.

Customer Identification

To establish a business relationship with Digital Assets, customers must provide identification documents, which may include:

  • ID card
  • Passport
  • Residence permit

The company also collects additional information, such as:

  • Name and surname
  • Residential address
  • Date of birth
  • Personal identification number (PIN)

Risk Assessment

Digital Assets regularly conducts risk assessments to identify potential threats and ensure that its control measures are sufficient to mitigate these risks. Each customer is assigned a risk group based on their profile, with three categories:

  • Low risk
  • Medium risk
  • High risk

Customer Activity Monitoring

The company continuously monitors customer activity, including:

  • Transactions
  • Updates to personal data

This ensures that any suspicious activity can be detected and investigated promptly.

Record Keeping

Digital Assets maintains accurate and up-to-date records of all business transactions, customer relationships, employee training materials, and other relevant documents. These records are stored in compliance with Croatian and EU regulations.

Employee Training

The company provides regular professional training to its employees to ensure that they are equipped to implement AML/CFT measures effectively. This training is conducted at least once a year.

Privacy and Data Protection

Customer data is stored in accordance with the General Data Protection Regulation (GDPR) and additional information can be found in Digital Assets’ Privacy Policy document.

Amendments to Policy

Digital Assets reserves the right to amend its policy and measures at any time to maintain compliance with AML/CFT regulations. This revised policy takes effect on March 6th, 2024, replacing any previous policies.

By implementing these robust measures, Digital Assets is demonstrating its commitment to preventing money laundering and the financing of terrorism in Croatia.