The risk analysis from paragraph 1 of this Article shall be commensurate to the nature and scope of business operations and the size of the obliged entity, shall consider basic types of the risk (customer, geographic, transaction and service) and other types of the risk the obliged entity has identified based on the specific character of its business. The risk analysis referred to in paragraph 1 comprise: 1) risk analysis to establish the obliged entity’s overall risk; 2) risk analysis for each group or type of customer or business relationship, or service provided by the obliged entity within their business activity, or transaction. The obliged entity shall deliver the risk analysis referred to in paragraph 1 of this Article to the APML and authorities in charge of supervision of the implementation of this Law, at their request, within three days of the day of such request, unless the authority in charge of supervision sets a longer deadline in its request. Based on the risk analysis referred to in paragraph 3, item 2, of this Article the obliged entity shall classify the customer in one of the following risk categories: 1) low money laundering and terrorism financing risk and shall apply at least simplified customer due diligence; 2) moderate money laundering and terrorism financing risk and shall apply at least general customer due diligence; 3) high money laundering and terrorism financing risk and shall apply enhanced customer due diligence. In addition to these risk categories, an obliged entity may in its internal acts envisage additional risk categories and define adequate actions and measures from this Law for such risk categories. The Minister in charge of finances (hereinafter referred to as: the Minister), at the APML’s proposal, shall specify in more detail the manner and reasons based on which the obliged entity classifies the customer, business relationship, service provided within their business activity or transaction as low money laundering or terrorism financing risk, according to the recognised international standards. 2. Customer due diligence a) General provisions Customer due diligence actions and measures Article 7 Unless otherwise provided for this Law, the obliged entity shall: 1) identify the customer;
The risk analysis from paragraph 1 of this Article shall be commensurate to the nature and scope of business operations and the size of the obliged entity, shall consider basic types of the risk (customer, geographic, transaction and service) and other types of the risk the obliged entity has identified based on the specific character of its business. The risk analysis referred to in paragraph 1 comprise: 1) risk analysis to establish the obliged entity’s overall risk; 2) risk analysis for each group or type of customer or business relationship, or service provided by the obliged entity within their business activity, or transaction. The obliged entity shall deliver the risk analysis referred to in paragraph 1 of this Article to the APML and authorities in charge of supervision of the implementation of this Law, at their request, within three days of the day of such request, unless the authority in charge of supervision sets a longer deadline in its request. Based on the risk analysis referred to in paragraph 3, item 2, of this Article the obliged entity shall classify the customer in one of the following risk categories: 1) low money laundering and terrorism financing risk and shall apply at least simplified customer due diligence; 2) moderate money laundering and terrorism financing risk and shall apply at least general customer due diligence; 3) high money laundering and terrorism financing risk and shall apply enhanced customer due diligence. In addition to these risk categories, an obliged entity may in its internal acts envisage additional risk categories and define adequate actions and measures from this Law for such risk categories. The Minister in charge of finances (hereinafter referred to as: the Minister), at the APML’s proposal, shall specify in more detail the manner and reasons based on which the obliged entity classifies the customer, business relationship, service provided within their business activity or transaction as low money laundering or terrorism financing risk, according to the recognised international standards. 2. Customer due diligence a) General provisions Customer due diligence actions and measures Article 7 Unless otherwise provided for this Law, the obliged entity shall: 1) identify the customer;
1149_amlcft_law_113-2017_transl-ver-281217.docx