KBA Compliance Committee and Prevention of Money Laundering met today

The Compliance Committee and Prevention of Money Laundering of Kosovo Banking Association met today, whereby they have discussed important issues for the banking sector. One of the topics discussed was the issue of reporting the US residents, known as FATCA reporting. The banks discussed the best practices and have assessed that it is important for banks to comply with the requirements and obligations deriving from this directive. Another point of discussion was the updating of customer data for legal entities, as it is required by the Law on the Prevention of Money Laundering and Combating Terrorist Financing.