Compliance Training for Financial Professionals in North Macedonia
In an effort to strengthen its anti-money laundering and counter-terrorist financing measures, the Republic of North Macedonia has been undergoing a mutual evaluation by MONEYVAL, a FATF-style regional body. The evaluation assesses the country’s implementation of international standards aimed at preventing financial crimes.
Compliance Training Requirements
As part of this process, financial professionals in North Macedonia are now required to undergo compliance training to ensure they are aware of the latest regulations and best practices. This training is designed to equip them with the knowledge and skills needed to:
- Identify suspicious transactions
- Report suspicious transactions to the relevant authorities
- Prevent money laundering and terrorist financing activities
Training Program Topics
The training program covers a range of topics, including:
- FATF Recommendations
- Anti-money laundering laws and regulations in North Macedonia
- Risk-based approach to combating financial crimes
- Conducting customer due diligence
- Monitoring transactions
- Reporting suspicious activity to the relevant authorities
Importance of Compliance Training
The implementation of this compliance training is seen as a crucial step in strengthening North Macedonia’s financial system and enhancing its reputation as a stable and secure destination for foreign investment.
Additional Information
For more information about the mutual evaluation of North Macedonia and the compliance training program, please visit the MONEYVAL website.