06 October, 2023
On October 3, 2023 on the margins of the III International Olympiad on Financial Security the EAG Secretariat organized the second Eurasian Group Contest among financial institutions of the EAG member states. This year the contest was attended by leading banks, payment organizations, as well as crypto exchanges of Belarus, China, India, Kazakhstan, Russia, Tajikistan, Turkmenistan and Uzbekistan.
Case studies were presented of financial investigations by compliance specialists of these institutions related to
- tax evasion in taxi sphere;
- illegal trade of hair and money laundering;
- ML/TF risks in the client's activities using cryptocurrency transactions;
- underground money laundering involving cryptocurrencies;
- use of acquiring for illegal activities;
- illegal transactions on purchase and sale of foreign currency;
- use of mortgage loans and credit funds of commercial banks for money laundering.
Based on the voting results of the contest committee, a payment organization from China became the winner of the contest, while cryptocurrency exchanges from Kazakhstan and a bank from Russia became the laureates. The audience award was given to a bank from India. The ceremony of awarding the winner and prizewinners will be held on the margins of the EAG Plenary week in December this year in China.
It should be reminded that the contest is intended to promote exchange of experience and best practices of financial monitoring, development of private-public partnership formats in the sphere of combating money laundering and terrorism financing.