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The EAG discussed the issues of the development of the global AML/CFT system with representatives of the banking community of the Eurasian region

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The EAG discussed the issues of the development of the global AML/CFT system with representatives of the banking community of the Eurasian region
 

  • 25 April, 2011

    The issues of the development of the global AML/CFT system in the context of the upcoming changes of the FATF standards were one of the main topics at the Moscow conference of the Association of Russian banks (ARB) held on April 25, 2011, in which the representatives of the Eurasian group on combating money laundering and financing of terrorism took part.

    The conference was organized by the Assosiation of Russian banks together with the Bank of Russia and Rosfinmonitoring.

    In his speech the Head of the service Y.Chikhanchin noted that the active position of the banking community and its integration into the AML/CFT system is a guarantee of efficiency of its work.

    Representatives of the State Duma of the Russian Federation, The Bank of Russia and the Federal Service for financial markets took part in the discussion on the emergence of new risks and threats in the sphere of AML/CFT, as well as on the methods for their minimization.
    In the course of her speech the EAG Executive Secretary Galina Bobrysheva highlighted the issues of planned updates the FATF Recommendation, voicing the main trends of the forthcoming changes of the FATF 40+9 Recommendations, which are connected with:

    • New level of implementation of risk-based approach;
    • Expansion of obligations for the private sector in the identification of customers and beneficial owners, in particular the introduction of additional requirements to the study of the structure of management and ownership of legal persons;
    • Introduction of tax and customs offences in the number of predicate to money laundering.
    • New requirements for identification in respect of the PEPs;
    • Development of measures on toughening the requirements in the new type of the products and new means of payment.

    Discussion of forthcoming revision of the FATF 40+9 Recommendations will be further developed at Consultations with the private sector of the Eurasian region, which will be held in Moscow on June 14 this year in the framework of the EAG Plenary week.

    The Annual ARB Conference is carried out with the purpose to analyze the new global tendencies of development of the AML/CFT system and their implementation in Russia; to identify the features of the ML/FT risk in the activities of credit organizations, as well as to receive professional consultations of leading experts of the profile departments on topical practical issues.