Kosovo Banking Sector Addresses AML/CFT Risks of Emerging Technologies in Workshop

Kosovo Banking Sector Addresses AML/CFT Risks of Emerging Technologies in Workshop

The event also served as a vital platform for identifying and discussing Kosovo’s specific domestic challenges related to AML/CFT supervisory requirements regarding the crypto asset eco-system. 

RMN Digital News Report

Prishtina – The Council of Europe, in close collaboration with the Kosovo Banking Association and Central Bank (CBK), recently organized a significant two-day workshop focused on the implications of emerging technologies for Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) within the banking sector. This initiative directly addresses the growing use of crypto assets and associated risks and regulatory challenges in the context of AML/CFT efforts.

The workshop brought together approximately 50 representatives from the banking sector, the CBK, and the Financial Intelligence Unit (FIU). Attendees benefited from comprehensive presentations covering international trends and standards, as well as comparative regulatory practices.

Through expert-led sessions and practical case studies, participants delved into key thematic areas. These included exploring the blockchain ecosystem, crypto assets, stablecoins, Non-Fungible Tokens (NFTs), and Virtual Asset Service Providers (VASPs), with a specific focus on the Money Laundering (ML) and Terrorist Financing (FT) risks they present and the necessary compliance requirements.

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The event also served as a vital platform for identifying and discussing Kosovo’s specific domestic challenges related to AML/CFT supervisory requirements regarding the crypto asset eco-system. Participants explored the needed regulatory expectations and it provided an opportunity for AML/CFT supervisors to consider targeted supervisory responses and capacity-building strategies to navigate the increasing complexity of financial technologies.

The workshop was conducted within the framework of the “Project against Economic Crime in Kosovo” (PECK III), a project jointly funded by the European Union and the Council of Europe, and implemented by the latter.