Regulatory Alerts2019-09-19
Decision on Governance and Internal Controls Systems of Payment and Electronic Money Institutions and on Safeguarding Funds of Payment Service Users and Electronic Money Holders
The Executive Board of the National Bank of Serbia issued this Decision to establish detailed requirements for the governance, internal controls, and risk management systems of payment and electronic money institutions. The regulation mandates that institutions implement proportional organizational structures, comprehensive risk identification and monitoring procedures, and independent internal audit functions to ensure operational soundness and regulatory compliance. Additionally, it defines the terms for safeguarding user funds through investments in liquid, low-risk assets and sets strict reporting obligations for activities outsourced by banks.
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