On February 19, 2018, at the site of Rosfinmonitoring a meeting of the Compliance Council - Advisory body to the Interagency Commission on combating legalization (laundering) of proceeds from crime, financing of terrorism and financing of proliferation of weapons of mass destruction was held.
The event was attended by heads of internal control services of important financial and non-financial institutions.
During the meeting, the approaches used by individual subjects of primary financial monitoring to reduce the involvement of their clients in suspicious transactions were discussed. Members of the Council discussed practices that step-by-step allowed to improve the transparency of certain categories of clients and reduce the risks of money laundering and terrorist financing through regular monitoring and interaction with the client, obtaining from him sufficient information about the objectives of economic activities, the nature of financial transactions and sources of origin of funds.
The experience of "rehabilitation" of clients who had been previously denied financial transactions in connection with the failure to provide the necessary information to mitigate the risk was also considered.
At the end of the meeting, the Chairperson of the Compliance Council, Deputy Director of Rosfinmonitoring Galina Bobrysheva invited members of the Council to take part in offsite events that would take place in 2018 in all the Federal districts with the participation of representatives of the private sector and supervisory bodies.
The events are aimed at raising the level of efficiency of the Russian AML/CFT system, giving information on the key threats and risks associated with money laundering and the financing of terrorism, and providing feedback to the entities of primal financial monitoring.