Guidelines for the Development of the Russian Financial Market
Bank of Russia
FINANCIAL SECTOR OVERVIEW
The Central Bank of the Russian Federation
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AML/CFT
Bank of Russia maintains AML/CFT supervision of credit and non-credit financial institutions
Russian AML/CFT law is based on International Standards on Combating Money Laundering
(FATF Recommendations)
2008
The FATF placed Russian Federation
in the regular follow-up process
2013
The FATF recognized that Russia
could be removed from the
regular follow-up process
Key measures taken in 2008-2013:
2018-2019
4th round of mutual evaluation, joint
FATF/MONEYVAL/EAG evaluation of Russia
✓ Enhancing corporate transparency by introducing beneficial ownership requirements to the AML/CFT Law;
✓ Prohibiting credit institutions from opening and maintaining anonymous accounts or accounts in fictitious
names;
✓ Addressing certain shortcomings in the criminalization of terrorist financing;
✓ Amending legislation to prevent criminals from becoming major shareholders in financial institutions;
✓ Strengthening instruments to freeze terrorist assets domestically or on request of other countries;
✓ Abolishing the threshold which decriminalized self-laundering of amounts lower than RUB 6 million and which
was not in compliance with the FATF Recommendations.
Source: Financial Action Task ForceView entire presentation