{
 "jurisdiction_id": "RS",
 "jurisdiction": "Serbia",
 "url": "https://payments.gi/jurisdictions/serbia/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 69,
  "source_register": 124
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "High",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/serbia/#w1a-licensing-authorisation-market-access",
   "standing_position": "Serbia's Law on Payment Services was amended in 2024 (applied from 6 May 2025) to harmonise with EU PSD2, formalising a prohibition on local PSPs processing transactions with unregistered foreign EMIs and introducing a EUR 50,000 capital requirement for PIS providers; a further Draft PS Law is in circulation under EU-accession Chapter 9 to deepen interoperability and system-access alignment.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Law on Payment Services (RS Official Gazette 139/2014, amended 44/2018, 64/2024)",
     "source": "https://www.nbs.rs/en/finansijske-institucije/pi-ien/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Law on Payment Services (consolidated)",
     "source": "https://www.nbs.rs/export/sites/NBS_site/documents-eng/propisi/zakoni/law_payment_services.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PSD2-aligning amendments",
     "source": "https://bdkadvokati.com/serbia-amends-payment-services-regulations-to-allow-open-banking-services/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PI/EMI capital and licensing thresholds",
     "source": "https://statt.rs/payment-institutions-in-serbia/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Banking Act / principle of exclusivity",
     "source": "https://practiceguides.chambers.com/practice-guides/fintech-2026/serbia",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/serbia/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Serbia's Law on Interchange Fees and Special Operating Rules for Card-based Payment Transactions is subject to a new NBS-prepared draft amendment (mid-2026) introducing interchange fee caps for domestic and international card transactions, part of the EU-accession Chapter 9 legislative package; card issuers would also be required to maintain proof-of-delivery evidence for cards.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "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 (RS Official Gazette 55/2015, 65/2019)",
     "source": "https://nbs.rs/en/drugi-nivo-navigacije/propisi/propisi-piien",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Decision on Detailed Conditions of Financial Services Advertising (RS Official Gazette 15/2019)",
     "source": "https://nbs.rs/en/drugi-nivo-navigacije/propisi/propisi-zk/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Advertising supervision practice",
     "source": "https://fic.org.rs/wp-content/uploads/2020/11/18-Consumer-Protection-and-Protection-of-Users-of-Financial-Services.pdf",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "2018 PSA amendments - unauthorised transaction liability",
     "source": "https://www.karanovicpartners.com/news/law-payment-services-serbia/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Basic payment account right",
     "source": "https://www.lexology.com/library/detail.aspx?g=e060c275-5dc0-4c51-8d50-4b069cc31712",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/serbia/#w2-stablecoins-digital-money",
   "standing_position": "Digital assets (virtual currencies and digital tokens) are governed by the Law on Digital Assets (RS Official Gazette 153/2020), in force since 29 June 2021, with dual supervision split between the NBS (virtual currencies) and the Securities Commission (digital tokens/financial-instrument-like assets). NBS-supervised financial institutions are barred from holding, investing in, or providing digital-asset services (with a narrow bank custody-of-cryptographic-keys exception). Serbia has no dedicated stablecoin (as-payment-rail) regime distinct from the general LDA framework.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Law on Digital Assets (RS Official Gazette 153/2020)",
     "source": "https://www.nbs.rs/export/sites/NBS_site/documents-eng/propisi/zakoni/digitalna_imovina_e.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "NBS licensing/enforcement of virtual currency services",
     "source": "https://www.nbs.rs/en/scripts/showcontent/index.html?id=20378&konverzija=no",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "LDA penalty regime",
     "source": "https://www.schoenherr.eu/content/the-digital-assets-act-new-tech-regulation-in-serbia/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Market development under LDA",
     "source": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/serbia/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Market/regulatory trend",
     "source": "https://practiceguides.chambers.com/practice-guides/fintech-2026/serbia",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/serbia/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "Operational and ICT resilience for Serbian payment service providers rests on two tracks: sector-specific NBS rules under the Law on Payment Services (operational/security risk management, incident notification to the NBS) and the horizontal Law on Information Security, which entered into force 31 October 2025 and aligns Serbia's critical-infrastructure cyber regime (including financial institutions) with the EU's NIS2 Directive, introducing 'priority' vs 'important' ICT operator categories.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Law on Payment Services - operational/security risk management",
     "source": "https://practiceguides.chambers.com/practice-guides/fintech-2026/serbia",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Decision on the Manner of Maintaining and Enhancing Safe and Sound Payment System Operation and Reporting to the NBS",
     "source": "https://nbs.rs/en/drugi-nivo-navigacije/propisi/propisi-ps/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Law on Information Security (2025)",
     "source": "https://www.karanovicpartners.com/news/from-nis2-to-serbia-how-the-new-information-security-law-impacts-your-business/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Draft/enacted cybersecurity law - protection measures",
     "source": "https://ceelegalmatters.com/briefings/27984-new-legal-framework-on-the-horizon-for-cybersecurity-in-serbia",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Office for Information Security",
     "source": "https://www.karanovicpartners.com/news/from-nis2-to-serbia-how-the-new-information-security-law-impacts-your-business/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "High",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/serbia/#w4-scheme-network-compliance",
   "standing_position": "Card-scheme and network compliance in Serbia is anchored by the Law on Interchange Fees and Special Operating Rules for Card-Based Payment Transactions (in force 17 December 2018), modelled on EU Regulation 2015/751, which caps interchange fees and mandates co-badging, unblending and honour-all-cards principles, with NBS supervision extending to card schemes (Visa, Mastercard) and processors. A landmark 2018 antitrust case saw Serbia's Competition Commission investigate Mastercard over allegedly excessive fallback interchange fees.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Law on Interchange Fees and Special Operating Rules for Card-Based Payment Transactions",
     "source": "https://nbs.rs/en/scripts/showcontent/index.html?id=11464&konverzija=no",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Law on Interchange Fees (entry into force detail)",
     "source": "http://www.jpm.law/new-regulations-on-interchange-fees-to-enter-into-force/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Competition enforcement - card scheme conduct",
     "source": "https://www.lexology.com/library/detail.aspx?g=f53c51c4-7f91-48a6-83a4-9cef864f1293",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Domestic card scheme infrastructure",
     "source": "https://www.researchgate.net/publication/330105954_Multilateral_Interchange_Fees_in_Serbia_and_their_impact_on_card_payment_systems_development",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "NBS payment systems operated",
     "source": "https://www.nbs.rs/en/ciljevi-i-funkcije/platni-sistem/nbs-operator/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/serbia/#w5-payment-corridor-dynamics",
   "standing_position": "Serbia's principal corridor development is domestic-instant-payments-led via the NBS-operated IPS system (launched October 2018, the first instant payment system in the Balkan region, predating ECB TIPS), complemented by 2025 SEPA accession for euro-denominated cross-border corridors and continued strict NBS foreign-exchange oversight of cross-border payment flows.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "NBS IPS instant payment system",
     "source": "https://www.nbs.rs/en/novac-i-placanja/htmlredirect-03",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "SEPA accession",
     "source": "https://www.europeanpaymentscouncil.eu/news-insights/insight/serbias-sepa-journey-advancing-digital-transformation-and-financial",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "SEPA operational timeline",
     "source": "https://practiceguides.chambers.com/practice-guides/fintech-2026/serbia",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Domestic payment system architecture",
     "source": "https://www.nbs.rs/en/ciljevi-i-funkcije/platni-sistem/nbs-operator/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Cross-border FX control regime",
     "source": "https://www.trade.gov/country-commercial-guides/serbia-trade-financing",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/serbia/#w6-industry-structure-commercial-dynamics",
   "standing_position": "Serbia's payments-adjacent financial sector comprises roughly 20 commercial banks (majority foreign-owned), a modest but growing fintech population (70-110+ active firms depending on classification), and a private-PSP/fintech layer increasingly engaging with the NBS regulatory sandbox and open-banking build-out. Bank-fintech competitive dynamics are expected to intensify as open banking rolls out through 2026.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Banking sector structure",
     "source": "https://www.trade.gov/country-commercial-guides/serbia-trade-financing",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "NBS financial-stability presentation",
     "source": "https://www.nbs.rs/export/sites/NBS_site/documents-eng/finansijska-stabilnost/presentation_invest.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Fintech market sizing",
     "source": "https://tracxn.com/d/explore/fintech-startups-in-serbia/__LuI-7EGZUl99pcA3eQLIj7SyffU4dBafCkLdm-w8FpI",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Bank-fintech competitive dynamics",
     "source": "https://qwist.com/en/resources/blog/open-banking/serbias-financial-market-in-transition/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Inward fintech investment signal",
     "source": "https://globalfintechseries.com/fintech/paysend-invests-in-serbia-with-new-european-tech-center/",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/serbia/#w7-legal-litigation",
   "standing_position": "The most significant payments-sector litigation/enforcement history in Serbia is the Competition Commission's antitrust action against Mastercard over interchange fees (initiated 2018), alongside the NBS's broad but non-transparent administrative enforcement powers (licence withdrawal, fines, account-access prohibition) and a 2025 overhaul of FX/exchange-operations enforcement mechanics.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Competition Commission antitrust case",
     "source": "https://www.lexology.com/library/detail.aspx?g=f53c51c4-7f91-48a6-83a4-9cef864f1293",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Antitrust probe confirmation",
     "source": "https://www.mlex.com/mlex/articles/1946863/mastercard-faces-antitrust-probe-in-serbia-over-interchange-fees",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "NBS enforcement powers assessment",
     "source": "https://eba.europa.eu/sites/default/files/document_library/News%20and%20Press/Press%20Room/Press%20Releases/2020/EBA%20acknowledges%20Commission%E2%80%99s%20decision%20on%20equivalence%20for%20Serbia%20and%20South%20Korea/Annex%20Serbia.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "2025 FX/exchange-operations enforcement amendments",
     "source": "https://statt.rs/foreign-exchange-operations-in-serbia-2025-new-measures-penalties-and-enhanced-nbs-oversight/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Enforcement mechanics",
     "source": "https://statt.rs/foreign-exchange-operations-in-serbia-2025-new-measures-penalties-and-enhanced-nbs-oversight/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/serbia/#w8-merchant-acquiring-risk",
   "standing_position": "Serbian merchant acquiring operates through bank-acquirers under the card-scheme rules constrained by the Law on Interchange Fees (unblending/transparency obligations toward merchants) and increasingly through the lower-cost NBS IPS QR-code rail as an alternative to card acquiring. Dedicated high-risk-MCC or specialised merchant-onboarding-risk rules beyond general PSA/AML requirements were not identified in the sources searched.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Interchange fee law - merchant transparency",
     "source": "https://nbs.rs/en/scripts/showcontent/index.html?id=11464&konverzija=no",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Card-fraud liability threshold",
     "source": "https://www.karanovicpartners.com/news/law-payment-services-serbia/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "IPS merchant acceptance rail",
     "source": "https://ips.nbs.rs/en/vesti/povoljnije-placanje-uz-ips-nbs-sistem-instant-placanja",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Acquiring infrastructure",
     "source": "https://www.researchgate.net/publication/330105954_Multilateral_Interchange_Fees_in_Serbia_and_their_impact_on_card_payment_systems_development",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "Assessed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/serbia/#w9-product-innovation-market-development",
   "standing_position": "Product innovation in Serbian payments centres on the NBS-driven open-banking rollout (PISP/AISP, effective 6 May 2025, transitional until 1 January 2026), the payment regulatory sandbox introduced by the 2024 amendments, and continued expansion of NBS IPS features (mobile-number-alias transfers, QR-code deep-link online payments). No NBS retail CBDC pilot was identified in the sources searched.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Open banking introduction",
     "source": "https://www.karanovicpartners.com/news/harmonisation-of-serbian-law-on-payment-services-with-psd2/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Payment regulatory sandbox",
     "source": "https://www.lexology.com/library/detail.aspx?g=763c5618-b8cd-4622-b14f-1b86d1b0d792",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "IPS feature expansion",
     "source": "https://www.ekapija.com/en/news/3466959/system-for-instant-payments-of-nbs-modern-way-of-payment-used-for",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Sandbox adoption example",
     "source": "https://globalfintechseries.com/fintech/paysend-invests-in-serbia-with-new-european-tech-center/",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "AI/product trend",
     "source": "https://practiceguides.chambers.com/practice-guides/fintech-2026/serbia",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/serbia/#w10-consumer-protection-app-fraud",
   "standing_position": "Consumer protection for financial-services users runs through a dedicated NBS Department for Financial Consumer Protection with a free complaint/mediation route and NBS decisions on complaint handling; APP-fraud-specific reimbursement rules are limited, with IPS instant payments designed to be final/irreversible and consumer recourse depending on individual bank agreements under the Law on Payment Services rather than a mandatory reimbursement scheme.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "NBS complaint/mediation procedure",
     "source": "https://www.nbs.rs/en/ciljevi-i-funkcije/zastita-korisnika/prigovor/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Decision on Handling Complaints of Financial Service Consumers (RS Official Gazette 1/2019, 50/2019, 87/2021)",
     "source": "https://nbs.rs/en/drugi-nivo-navigacije/propisi/propisi-zk/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Unauthorised transaction consumer liability",
     "source": "https://www.karanovicpartners.com/news/law-payment-services-serbia/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Basic payment account consumer right",
     "source": "https://www.lexology.com/library/detail.aspx?g=e060c275-5dc0-4c51-8d50-4b069cc31712",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "APP-fraud/reversal gap in instant rail",
     "source": "https://www.lightspark.com/knowledge/instant-payments-serbia",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/serbia/#w11-aml-cft-financial-crime",
   "standing_position": "Serbia's AML/CFT posture is Sentinel.gi-fed for illicit-finance analysis; this baseline carries only the payments-context standing position drawn from public FATF/MONEYVAL status records, since the dedicated Sentinel.gi feed payload was not retrievable within this research pass. Serbia was removed from the FATF grey list in June 2019 and remains off both the June 2026 FATF grey list and blacklist, though it remains in enhanced MONEYVAL follow-up.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "sentinel.fatf_list_status_2026",
     "source": "https://amluae.com/fatf-grey-list-countries-update-19th-june-2026/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Serbia is a MONEYVAL member with a UBO registry, an FIU (APML) and a 2025 5th-round Mutual Evaluation Report just adopted. Off FATF's ICRG monitoring since 2019, but effectiveness gaps persist: politicized enforcement, an FIU historically overseen by a minister previously investigated for laundering, and non-alignment with EU Russia sanctions.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — Serbia",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: sourcing-thinness",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-005)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Enforcement: U.S. Attorney's Office, Northern District of California (DOJ) — Nemanja Popov, Serbian national, Global Account Manager at GOTBIT",
     "instrument_type": "enforcement_action",
     "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-003)",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Gap: enforcement-absence",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: political-constraint",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "High",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/serbia/#w12-correspondent-banking-settlement-access",
   "standing_position": "Draft PS Law would remove restrictions blocking non-bank PIs/EMIs/postal operators from direct participation in significant payment systems, subject to NBS approval — a material access/interoperability shift from the current bank-centric access model; Serbia's non-EU status continues to preclude EU-style passporting.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "NBS authorisation for external transactions (correspondent banking)",
     "source": "https://nbs.rs/en/finansijske-institucije/banke/banke-ino-spisak/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Correspondent banking access gap",
     "source": "https://www.trade.gov/country-commercial-guides/serbia-trade-financing",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Foreign bank representative offices",
     "source": "https://www.nbs.rs/en/finansijske-institucije/banke/predstavnistva/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "2025 FX oversight strengthening",
     "source": "https://statt.rs/foreign-exchange-operations-in-serbia-2025-new-measures-penalties-and-enhanced-nbs-oversight/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "FX/settlement access and IMF Article VIII compliance",
     "source": "https://www.state.gov/reports/2025-investment-climate-statements/serbia",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/serbia/#w13-commercial-intelligence-fintech",
   "standing_position": "Within the trailing 12 months (July 2025-July 2026), Serbia's payments-sector commercial intelligence is dominated by regulatory-driven market development (SEPA accession operationalisation, open-banking go-live, new cybersecurity law) rather than large payments-specific M&A/funding events; broader Serbian fintech investment activity remained modest relative to other startup verticals.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://practiceguides.chambers.com/practice-guides/fintech-2026/serbia",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://qwist.com/en/resources/blog/open-banking/serbias-financial-market-in-transition/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://www.karanovicpartners.com/news/from-nis2-to-serbia-how-the-new-information-security-law-impacts-your-business/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://tracxn.com/d/explore/fintech-startups-in-serbia/__LuI-7EGZUl99pcA3eQLIj7SyffU4dBafCkLdm-w8FpI",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    }
   ]
  }
 ]
}