A meeting of Rosfinmonitoring Collegium to discuss methods of improving effectiveness of AML/CFT system using new information technologies and development of Rosfinmonitoring's UIS was held on 1 November 2019. The meeting was attended by Head of the Federal Treasury R. Artyukhin; Deputy Minister of Digital Development, Communications and Mass Media A. Sokolov; as well as representatives of the Presidential Executive Office, Federal Tax Service, General Prosecutor's Office, Interior Ministry, Investigative Committee, Federal Security Service and the Bank of Russia.
In his welcoming remarks to the participants, Director of Rosfinmonitoring Yury Chikhanchin underscored the importance of interagency cooperation, including information sharing.
The Director of Rosfinmonitoring reminded participants of high ratings for compliance of Russia’s AML/CFT system with international standards and its effectiveness assigned to the Russian Federation by the FATF assessors. Development of Rosfinmonitoring's Unified Information System (UIS) and successful demonstration of its components also contributed to this result.
"Thanks to our joint efforts, Russia is now ranked among the top five countries in terms of AML/CFT system effectiveness, meaning that it is subject to a regular, more lenient, follow-up."
At the same time, FATF assessors have also identified elements of the country's AML/CFT system most in need of improvement.
Among the 3rd phase priority measures for the next 2 years designed to improve the effectiveness of the AML/CFT system through the introduction of new information technologies and UIS development are:
• Management of information resources;
• Improvements in the quality of data;
• Data classification and labelling in support of analytical tasks.
"In total, the UIS contains data on more than 345 million transactions, 50% of which have been reported over the last 3 years. Following the establishment of the National Risk Assessment Centre, a coordinating unit of the AML/CFT system responsible for strategic analysis of financial flows, work is now underway to create an International Risk Assessment Centre. Meanwhile, the creation of Rosfinmonitoring website-based network of personal accounts – including for reporting entities, supervisors and strategic enterprises – has improved cooperation among AML/CFT system stakeholders. Among our strategic priorities in the area of information technology are:
• Creation of unified information space for all AML/CFT system stakeholders;
• Integration of our foreign counterparts into it;
• Implementation of expert systems, elements and artificial intelligence."