Effective supervision and informed compliance: looking to the future. International forum involving 30 countries concludes in St. Petersburg

From 22 to 24 April, St. Petersburg hosted the International Forum of Supervisory Authorities and the Private Sector, entitled “Reasoned Balance and Trsut-Based Dialogue.” The event brought together around 200 delegates from 30 countries across the CIS, Africa, the Middle East, South-East Asia and Europe.

The forum concluded with the plenary session “The Financial Security Network: Looking to the Future”, featuring speeches by Ms. Galina Bobrysheva, Deputy Director of Rosfinmonitoring, Mr. Sergey Teterukov, EAG Executive Secretary, Mr. Suliman Aljabrin, MENAFATF Executive Secretary, Ms. Fikile Zitha, ESAAMLG Executive Secretary, Mr. André Kanga, GABAC Permanent Secretary, and Mr. Jeffrey Isima, GIABA Secretariat Director of Policy and Research.

In her speech, Galina Bobrysheva emphasized the importance of striking a balanced approach in supervisory practices, ensuring that the full range of tools is available – from prevention and training to strict measures against deliberate misconduct.

“Modern supervision and compliance are rapidly moving into the digital realm, with platform-based solutions being implemented. In this new reality, we need to rely on big data aggregation, and to manage risks effectively, we must apply multifactor analysis with a thorough breakdown of the underlying causes. The foundation of the future lies in the culture of relations between supervisory authorities and the private sector, as well as between the private sector and its clients – consumers of financial services. This must be underpinned by trust, based on competence and professionalism,” Galina Bobrysheva said.

The Deputy Director of Rosfinmonitoring also highlighted the importance of engaging both the expert community and young people in discussions on financial security. She spoke about the International Movement on Financial Security, which already unites dozens of countries, as well as its flagship initiative – the thematic International Olympiad on Financial Security to be held for the sixth time this year.

Sergey Teterukov, EAG Executive Secretary, emphasized the role of FATF-style regional bodies in shaping the architecture of global and regional financial security.

“Nowadays financial crime is transnational. In these circumstances, it is more important than ever to build a robust international defense, dialogue and cooperation among FATF-style regional bodies are of fundamental importance. Our Forum and the engagement demonstrated by participants in the discussions clearly show that we all fully understand this and are ready for further effective joint work,” Sergey Teterukov said.

The participants reaffirmed their commitment to international cooperation, which is particularly important given the transnational nature of crimes related to money laundering and terrorist financing.

The speakers noted that digitalization, new communication tools and big data analytics should form the foundation of modern AML/CFT systems. They also underscored the need for continuous exchange of advanced practices and expertise.

The future profile of compliance officers and supervisory specialists was discussed during the session “Conscious Compliance: Building a Strong Culture of Customer Engagement. Youth Outreach as an Element of Proactive Compliance and Financial Inclusion.”

The experts shared their vision for the future of supervisory activity and outlined the skills they consider essential for professionals in the digital era. The participants also discussed mechanisms and methods to strengthen the culture of legal compliance in the AML/CFT sphere, improve the effectiveness of compliance systems, and their impact on the security of financial products and their accessibility to users.

The International Forum of Supervisory Authorities and the Private Sector is being held under the auspices of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG), the Middle East and North Africa Financial Action Task Force (MENAFATF), the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), the Action Group against Money Laundering in Central Africa (GABAC), and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), with the support of Rosfinmonitoring and the International Training and Methodology Centre for Financial Monitoring.

The forum aims to promote initiatives designed to strengthen public-private partnership and enhance international cooperation among competent authorities, financial institutions, and non-financial entities participating in AML/CFT systems, including in preparation for mutual evaluations.