Financial Sector Overview

Bank of Russia FINANCIAL SECTOR OVERVIEW The Central Bank of the Russian Federation 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) 59 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 mln and which was not in compliance with the FATF Recommendations Source: Financial Action Task Force

View entire presentation