The 17th annual AML/CFT conference "Key Considerations Regarding Credit Institutions' Compliance with Russia's AML/CFT Regulations" took place on 26 April 2019.
The conference was opened by ARB President G A. Tosunyan, who thanked the Bank of Russia and the Federal Financial Monitoring Service for their ongoing support for the conference.
P V. Livadny, state secretary and deputy director of the Federal Financial Monitoring Service, briefed the participants on the current state and future prospects of the AML/CFT legislation, the legal regulation of new technologies, in particular digital assets, and the FATF (Financial Action Task Force) assessors' visit to Russia, highlighting the increased use of promissory notes in reverse money laundering and outbound capital transfer schemes. According to Livadny, the vulnerability of the construction and retail sectors to reverse money laundering is a major concern. Equally relevant remain the schemes involving the enforced recovery of debt and payment of off-the-books wages as a way to reverse-launder funds.
Among other speakers at the conference were I V. Yasinsky, deputy director of the Bank of Russia's Financial Monitoring and Currency Control Department, and D V. Volvach, head of the FTS Directorate of Standards and International Cooperation.