An off-site meeting of the Compliance Council, an advisory body of the Interagency Committee for Combating Money Laundering and the Financing of Terrorism and Proliferation, was held in Kazan on 27 September 2019. The meeting was organized as part of EAG consultations with private sector.
Among the invitees were heads of internal control departments of banks, professional securities market participants, and e-wallet and virtual asset service providers from EAG states.
Participants discussed ways to improve the quality of suspicious transaction reporting, as well as new approaches and methods of conducting financial monitoring in high-risk areas. Special attention was paid to the identification of suspicious customer activities related to the use of cryptocurrencies.
Representatives of financial institutions endorsed the initiative of establishing an International Compliance Council, an AML/CFT discussion forum for the private sector of Eurasian region.