A meeting of the Compliance Council

Published: 30.03.2018

March 29, 2018 – An off-site meeting of the Compliance Council, an advisory body of the Interagency Commission for Combating Money Laundering, the Financing of Terrorism and Proliferation of Weapons of Mass Destruction, was held at the Bank of Russia's Siberian Main Directorate.

Participants discussed the key outcomes and problems of information sharing encountered in Q1 2018, highlighting improvements in the quality and, above all, information content of suspicious transaction reports (STRs) sent to Rosfinmonitoring.

Participants reviewed new trends in the development of illicit schemes, separate example of suspicious use of corporate bankcards as well as measures to mitigate the emerging ML/TF risks.

During the meeting, the interim findings of the national ML/TF risk assessment (including information on the identified threats, vulnerabilities and risks, as well as mitigating measures) were discussed with representatives of the private sector.

Participants emphasized the need to pay more attention to unusual transactions involving transfers of funds from legal to natural persons (schemes relying on the use of promissory notes, purchase of liquid assets from individuals at inflated prices, etc.).

Participants of the meeting also noted the emerging trend related to the involvement in illegal schemes of legitimate businesses.

Particular attention was paid to the enforcement of the right to refuse customer service. Participants proposed to continue the review of law enforcement practice, including with account for the launch on March 30, 2018 of the "rehabilitation" mechanism for customers, as defined by the Federal Law 470-FZ.

As the meeting drew to a close, members of the Compliance Council thanked the management of the Bank of Russia's Siberian Main Directorate for the excellent arrangements made to organize the event.