The Financial Intelligence Unit (FIU) in Montenegro successfully completed the upgrade of its information and technology (IT)infrastructure, a milestone achievement made possible through the support of the EU and Council of Europe Aciton against Economic Crime in Montenegro. This improvement helps automate the process of assessing risks related to money laundering and terrorist financing in areas outside of financial sector, like real estate, accountants, gaming businesses, and traders.

The upgraded system is designed to strengthen the capabilities of supervisory bodies, including the Ministry of the Interior and the Games of Chance supervisory authority, in conducting effective, risk-based ML/TF supervision.

The modules to comprise the newly implemented infrastructure  allows DNFBPs to complete sector-specific electronic questionnaires developed by their respective supervisory authorities. The system upgrades facilitates in-depth analysis and automated report generation based on questionnaire responses; cross-checks data input with information from various sources accessible via the Case Management System; It enabless real-time generation of reports, alerts, and notifications, and, automates the generation of monthly performance and activity reports by the FIU.

This upgrade marks a significant step forward in the automation of AML/CFT supervision and reinforces efforts to effectively prevent and combat money laundering and terrorist financing by allocating supervisory resources where the risks are highest.

The upgrade of the IT system  was supported by the Action against economic crime in Montenegro, within the framework of the European Union/Council of Europe joint programme “Horizontal Facility for the Western Balkans and Türkiye”.