THE 6TH INTERNATIONAL EAG/ITMCFM FORUM ON THE FUNCTIONING OF THE AML/CFT SYSTEM IN THE CHALLENGING EPIDEMIOLOGICAL SITUATION CONSULTATIONS WITH THE PRIVATE SECTOR

Published: 15.10.2020

The 6th International EAG/ITMCFM Forum on the Functioning of the AML/CFT System in the Challenging Epidemiological Situation and Consultations with the private sector were held from 29 to 30 September 2020.

The forum was organized by the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG), the Federal Financial Monitoring Service, and the International Training and Methodology Centre for Financial Monitoring (ITMCFM).

Due to the challenging epidemiological situation in the world, the event was held remotely via ZOOM and VINTEO.

The forum was attended by over 300 representatives of FIUs and supervisory authorities from the banking sector, as well as banks of the following countries: Armenia, Belarus, Bosnia and Herzegovina, Germany, India, Kazakhstan, Kyrgyzstan, China, Malta, Poland, Russia, North Macedonia, Singapore, Tajikistan, Turkmenistan, Uzbekistan, and representatives of the FATF and EAG Secretariats, as well as ITMCFM.

Welcoming remarks to the participants were delivered by Farhod Bilolov, EAG Deputy Chairman; Sergey Teterukov, EAG Executive Secretary; and Galina Bobrysheva, Deputy Director of the Federal Financial Monitoring Service.

Participants discussed issues related to the adaptation of oversight mechanisms and compliance systems to the global pandemic situation.

Participants were also presented with the preliminary findings of the ITMCFM study on the sharing of experiences in the area of adjusting the supervisory block and implementing preventive measures with respect to the ML/TF risks in the context of the pandemic, conducted on the basis of the findings of the survey of the EAG member states.

Consultations with the private sector allowed the largest banks in Europe and the EAG countries to share their experiences in identifying new risks, vulnerabilities and indicators amid restrictions, as well as in optimizing compliance procedures in the context of COVID-19 pandemic. 

The Conference Proceedings are available in Russian and English.