Russian Federation: Financial Sector Assessment Program: Technical Note-Anti-Money Laundering and Combating the Financing of Terrorism
IMF Staff Country Reports, September 22, 2016
Source details
- Canonical URL
- Russian Federation: Financial Sector Assessment Program: Technical Note-Anti-Money Laundering and Combating the Financing of Terrorism
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Bibliographic details
- Published: September 22, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475538434.002
Key findings
- Some authorities have gained a better understanding of money laundering and terrorism financing risks.
- Swift finalization of the national risk assessment will further advance that understanding and the use of a risk-based approach by all concerned agencies and reporting entities.
- Preventive measures related to politically exposed persons and reporting of suspicious transactions were updated and are largely in line with the Financial Action Task Force standards.
- The definition of politically exposed persons must be further amended, and the effectiveness of the measures should be enhanced.
Policy recommendations and implications
- Finalize the national risk assessment promptly to support wider adoption of a risk-based approach across agencies and reporting entities.
- Amend the definition of politically exposed persons to address identified gaps.
- Enhance the effectiveness of preventive measures concerning politically exposed persons and suspicious transaction reporting to align more fully with Financial Action Task Force standards.
Subjects and keywords
- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Correspondent banking, Corruption, Crime, Financial services, Legal support in revenue administration, Revenue administration, Terrorism financing
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), authorities' understanding, CFT, CIS state, Correspondent banking, Corruption, CR, customer, ISCR, Legal support in revenue administration, proceeds, responses to question, RF authorities, state, state body, Terrorism financing, TF risk, understanding of ML threat