A meeting of the Compliance Council, the advisory body under AML/CFT Interagency Commission, took place on December 9, 2020. The meeting was held via videoconferencing.
During the event, the results of Rosfinmonitoring's information sharing with financial institutions in the current year were considered, as well as relevant directions for the development of feedback formats. Positive trends were noted in improving the quality of suspicious transaction reports and their relevance for the work of Rosfinmonitoring's analytical departments.
Members of the Compliance Council paid particular attention to financial and credit risks. Participants of the meeting pointed out that during restrictive measures introduced as a result of the difficult epidemiological situation, the behavior of financial services clients and customers, which expect to receive a certain level of income from the investment of their free funds, is changing.
Their behavior becomes more risky, and organizers of fraudulent schemes take advantage of it.
Such circumstances contribute to a significant increase in Internet gambling, illegal payment schemes under the guise of Internet trading, Internet acquiring as a way to transfer money abroad, the spread of pseudo brokerage services for fraudulent purposes, the use of so-called "miscoding" to disguise illegal types of activities (i.e., organization of Internet casinos), etc. Members of the Compliance Council have discussed measures to mitigate the above risks.
They have also discussed issues related to closer cooperation with the International Training and Methodology Centre for Financial Monitoring and the International Network
The next meeting of the advisory body is scheduled for February 2021.