Compliance Council Meeting in Moscow

The Compliance Council, an advisory body to Rosfinmonitoring's Interdepartmental Committee on Combating Money Laundering and Terrorist Financing, met in Moscow on November 18, 2016.

The meeting, held at Rosfinmonitoring via videoconferencing, brought together over 100 participants including the heads of internal control units of major financial and non-financial institutions and representatives of the supervisory authorities from the regions of the Council's presence.

The meeting agenda included items for improving the quality of information sharing, exchanging best practices in the building of internal control systems in financial institutions, and participation of financial institutions in the national assessment of terrorist financing risks.

Closing the meeting, Chair of the Compliance Council and Rosfinmonitoring Deputy Director Galina Bobrysheva emphasized the importance of the private sector's participation in the discussion of new indicators and typologies of suspicious activity, which will enable rapid response to emerging threats brought about by the fast evolving financial technologies and constantly changing ML/TF schemes. These are the issues that will be in the Council's focus.

About the Compliance Council

The Compliance Council was established in June 2016 by Rosfinmonitoring's Interdepartmental Committee on Combating Money Laundering and Terrorist Financing. The Council is an expert advisory body comprising representatives of reporting entities, including credit and non-credit financial institutions, entities making up the Russian Post, major mobile services providers and leasing companies.

The goal of the Council is to promote information sharing between Rosfinmonitoring and reporting entities on the basis of a risk-based approach.

In the regions, the Council is represented by its offices at Rosfinmonitoring's interregional departments in all federal districts.