On December 17, 2020, a meeting of the Interagency AML/CFT/CPF Commission was held via videoconferencing under the chairmanship of the Director of Rosfinmonitoring Yu. Chikhanchin. The interim results of the work on elimination of deficiencies of the national "anti-money laundering" system after the evaluation by Financial Action Task Force (FATF) were considered at the meeting.
In particular, it was noted that the fulfillment of Action Plan on implementation by the Russian Federation of the FATF recommendations following the results of the fourth round of mutual evaluations (adopted on August 20, 2020) requires the development of methodological guidelines on conducting National Risk Assessment (NRA) of transactions (operations) for the purpose of legalization (laundering) of criminal proceeds and terrorism financing, which is scheduled for 2021.
E. Mozgov, Head of the Risk Assessment Department of Rosfinmonitoring, explained that a unified approach to conducting NRAs, as an element of properly structured work at the national level related to identification, analysis and assessment of risks, is the starting point to improve the effectiveness of the entire AML/CFT system.
This work was already carried out in 2018, but now, despite the high rating received from the FATF (in the context of Immediate Outcome No. 1, IO1, substantial level of effectiveness), a set of measures is needed to improve this outcome.
Representatives of Rosfinmonitoring, the Bank of Russia, the General Prosecutor’s Office, the Ministry of Internal Affairs and the Investigative Committee of the Russian Federation spoke about the interim results of Plan implementation.
D. Vitashov, Head of Supervisory Department of the Federal Financial Monitoring Service, reminded that the Plan concerning elimination of deficiencies revealed by assessors provided for a set of measures to further develop the system of normative legal regulation, risk-based supervision, inter-agency information sharing and improving the work of organizations on identifying ML/TF risks.
By the end of 2021, following the National Risk Assessment, risk assessments for all sectors of AML/CFT system should be updated.
Head of Legal Department O. Tysen spoke of the regulatory work to address the FATF deficiencies. Ten federal laws have been adopted, 13 draft laws and 2 draft bylaws have been developed since October 2019. Nine more bills are yet to be worked out.
Also, the results of Compliance Council's work, which includes representatives of major financial institutions, were summarized during the meeting. In 2019, the Council's capabilities became increasingly used for prompt exchange of information on trends in credit and financial sphere, and on the identified risks.
Together with the participants of Compliance Council, the subjects of primary financial monitoring were invited to report on dubious transactions using a special identifier. As a result, Rosfinmonitoring received information about more than 10,000 transactions.
Moreover, during a year, based on the information provided by Compliance Council and its regional subdivisions, more than 20 new typologies and indicators of suspicious transactions were prepared and disseminated through the Personal Account.
The following issues were scheduled for consideration in 2021: measures of Anti-Money Laundering and Combating the Financing of Terrorism during the pandemic, legislative regulation of fundraising by non-profit organizations, preparation of sectoral ML/TF risk assessments, enhancing anti-money laundering efficiency (Immediate Outcome 7), etc.