The Law on Prevention of Money Laundering and Financing Terrorism enters into force

Dear clients,

We hereby inform you that with the entry into force of the new Law on Prevention of Money Laundering and Financing Terrorism on 07th of July, 2018, the following changes in the operation of Eurostandard Bank AD – Skopje are implemented:

- Pursuant to the provisions of the Law mentioned above, a necessity of mandatory identification of ‘’Public officials’’ is established and all the existing and future clients of the bank have an obligation to give a statement whether they are holders of public function or persons associated with the public officials (Political exhibited persons) and on the basis of the appropriate risk assessment the bank decides on the approval / extension of the business relationship with this person.

- A mandatory identification and registration of all natural and legal persons that wish to make / execute transaction / service in the bank over 500 EUR in denar counter value for currency exchange transactions and above 1000 EUR in denar counter value for all transactions (including transactions of fast money transfer) was established.  Identification and verification is performed with provision of appropriate documentation issued by a competent state authority (valid identity card / passport for natural persons; current balance sheet not older than 3 months for legal persons) and the registration of the new clients performed by fully completed Application for registration / data update of a client (natural and legal person) which is available on the website.

 - A mandatory identification and verification of a ‘real owner’ of a legal entity as an obligatory prerequisite without which the bank cannot establish / continue the business relationship is established.

* PUBLIC OFFICIAL

Definition for the public officials and/or persons associated with them in accordance with the legal regulation in the Republic of Macedonia:
”Public officials” are natural persons who are or have been entrusted public function in the Republic of Macedonia or in another state, such as:
a) presidents of states and governments, ministers and deputies or assistant ministers,
b) elected legislation representatives,
c) supreme and constitutional courts judges or other holders of high judicial functions against whose decision legal remedies cannot be used except in exceptional cases,
d) members of the management organs of the supervisory and regulatory bodies and agencies, state audit institution and board members of a central bank,
e) ambassadors,
f) high rank military officers (ranks higher than colonels),
g) persons elected and appointed pursuant to the Law and members of management and supervision organs of legal entities established by the state,
h) persons with functions in political parties (members of the executive organs of the political parties),
i) persons who are or have been entrusted a prominent function in an international organisation, such as: directors, deputy directors, members of management and supervisory boards or other equivalent functions and j) mayors and council presidents of municipalities.
For public officials from items а) to j) are considered persons at least two years upon termination of the public function, based on a previously conducted risk assessment by the entities.


The term ‘public officials’ also includes:
1) Members of the family of the public official such as:
-spouse or person with whom the public official is in non-marital cohabitation
-children and their spouses or persons with whom the children of the public official are in non-marital cohabitation or
-parents of the public official.
2) A person who is considered a close associate to the public official is a natural person:
- who is known to have a common legal or genuine ownership of a legal entity, has concluded or established other close business relationships with the public official or
-who is the sole real owner of a legal entity or legal arrangement that are established in favor of the public official.

 

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