Financial inspectors received as many as 1,279 notifications of suspicious transactions last year, amounting to 298.19 million, which is 30.67 million BAM more compared to the previous year.
The Financial Intelligence Department (FID) of the State Investigation and Protection Agency (SIPA) received the most information – 836 notifications – about suspicious transactions from banks, amounting to a total of 270.87 million BAM, while other obligated entities submitted 441 notifications for a total amount of 24.93 million BAM.
In addition, as stated in the report of the relevant department for 2024, two notifications worth 2.38 million BAM were characterized as suspicious based on the analysts’ assessment.
Also, FID initiated and completed during the past year the activities of collecting, analyzing, and providing feedback to the obligated entities for submitted reports of suspicious transactions for the year 2023.
“Based on the analysis of information and data, suspicion was ruled out in 30.43 percent of the reports of suspicious transactions,” stated the FID’s report.
They also stated that in 63.34 percent of the reported suspicious transactions, the suspicion of the obligated entity regarding the existence of a criminal offense or some other irregularity was confirmed, most often related to violations of tax laws and the law on foreign exchange operations.
“In addition to the aforementioned activities, financial inspectors submitted 11 reports to the prosecutors last year, documenting grounds for suspicion that 43 individuals and 12 legal entities committed the criminal offense of money laundering and several predicate criminal offenses,” the relevant SIPA department stated.
The submitted reports on grounds for suspicion of committed criminal offenses and perpetrators in 2024 included reports of grounds for suspicion that the criminal offense of money laundering was committed in the amount of 18.61 million BAM.
“The material damage caused by the reported predicate criminal offenses amounts to 2.16 million, and the gained financial benefit to 5.94 million BAM,” stated the report of FID.
Economic analyst Zoran Pavlovic stated that banks, according to the regulator’s instructions, are obligated to document every unusual, large, and potentially suspicious transaction.
“So whenever such a transaction occurs, they report it. Banks must operate in this manner according to the instructions of banking agencies and in accordance with the Law on the Prevention of Money Laundering and Terrorist Financing,” Pavlovic said.
He emphasized that there is a noticeable increase in the value of reported suspicious transactions by about ten percent year over year.
“That growth rate is not alarming. These data show that Bosnia and Herzegovina (BiH) is starting to align with the standards common in modern European democracies. Also, this is proof that the law passed a year and a half ago is functioning well and delivering results,” Pavlovic concluded.
Temporary suspension
During 2024, FID issued 27 orders for the temporary suspension of transactions of funds in the accounts of 28 individuals and five legal entities, amounting to 2.90 million BAM.
“In addition, two orders were issued to banks for continuous monitoring of the financial operations of three individuals and one legal entity. Cooperation was also established with other police and tax authorities at all levels in BiH through the delivery of 1.461 pieces of information/responses, with intelligence data collected in accordance with the Law on the Prevention of Money Laundering and Terrorist Financing,” stated the report of the relevant department.
