Russian Federation Financial Sector Assessment Program : Anti-Money Laundering and Combating the Financing of Terrorism
This technical note (TN) sets out the findings and recommendations made in the Financial Sector Assessment Program (FSAP) for the Russian Federation (RF) in the areas of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). It s...
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| Language: | English |
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Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/210501511164747101/Russian-Federation-Financial-sector-assessment-program-technical-note-anti-money-laundering-and-combating-the-financing-of-terrorism-AML-CFT http://hdl.handle.net/10986/28977 |
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okr-10986-289772021-05-25T10:54:40Z Russian Federation Financial Sector Assessment Program : Anti-Money Laundering and Combating the Financing of Terrorism International Monetary Fund AML/CFT RISK ASSESSMENT TRANSPARENCY BENEFICIAL OWNERSHIP POLITICALLY EXPOSED PERSONS SUSPICIOUS TRANSACTIONS BANKING OVERSIGHT ONSIGHT INSPECTIONS FINANCIAL SUPERVISION This technical note (TN) sets out the findings and recommendations made in the Financial Sector Assessment Program (FSAP) for the Russian Federation (RF) in the areas of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). It summarizes the findings of a targeted review of several aspects of the RF’s progress in addressing vulnerabilities in the financial sector, specifically the banking sector. A full assessment of the AML/CFT framework against the current FATF standard will be conducted by the FATF, Eurasia Group and MONEVYAL, and will be available in 2019.Some authorities have improved their understanding of money laundering and terrorist financing (ML/TF) risks, however the swift finalization of the national risk assessment (NRA) will further advance that understanding and the use of risk-based approach by all concerned agencies and reporting entities.The authorities took measures to prevent the abuse of Russian companies for ML/TF purposes, but more efforts are needed to ensure that timely and accurate beneficial ownership information is available to the authorities.Preventive measures related to politically exposed persons (PEPs) and reporting of suspicious transactions were updated and are largely in line with the FATF standards, however the PEPs definition requires further amendments and the effectiveness of the measures should be enhanced further.The AML/CFT supervision of banks is comprehensive and related sanctions are effective, but further progress could be made to enhance risk-based supervision and AML/CFT tools. 2017-12-07T17:11:51Z 2017-12-07T17:11:51Z 2016-09 Report http://documents.worldbank.org/curated/en/210501511164747101/Russian-Federation-Financial-sector-assessment-program-technical-note-anti-money-laundering-and-combating-the-financing-of-terrorism-AML-CFT http://hdl.handle.net/10986/28977 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo International Monetary Fund Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work Europe and Central Asia Russian Federation |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
AML/CFT RISK ASSESSMENT TRANSPARENCY BENEFICIAL OWNERSHIP POLITICALLY EXPOSED PERSONS SUSPICIOUS TRANSACTIONS BANKING OVERSIGHT ONSIGHT INSPECTIONS FINANCIAL SUPERVISION |
| spellingShingle |
AML/CFT RISK ASSESSMENT TRANSPARENCY BENEFICIAL OWNERSHIP POLITICALLY EXPOSED PERSONS SUSPICIOUS TRANSACTIONS BANKING OVERSIGHT ONSIGHT INSPECTIONS FINANCIAL SUPERVISION International Monetary Fund Russian Federation Financial Sector Assessment Program : Anti-Money Laundering and Combating the Financing of Terrorism |
| geographic_facet |
Europe and Central Asia Russian Federation |
| description |
This technical note (TN) sets out the
findings and recommendations made in the Financial Sector
Assessment Program (FSAP) for the Russian Federation (RF) in
the areas of Anti-Money Laundering and Combating the
Financing of Terrorism (AML/CFT). It summarizes the findings
of a targeted review of several aspects of the RF’s progress
in addressing vulnerabilities in the financial sector,
specifically the banking sector. A full assessment of the
AML/CFT framework against the current FATF standard will be
conducted by the FATF, Eurasia Group and MONEVYAL, and will
be available in 2019.Some authorities have improved their
understanding of money laundering and terrorist financing
(ML/TF) risks, however the swift finalization of the
national risk assessment (NRA) will further advance that
understanding and the use of risk-based approach by all
concerned agencies and reporting entities.The authorities
took measures to prevent the abuse of Russian companies for
ML/TF purposes, but more efforts are needed to ensure that
timely and accurate beneficial ownership information is
available to the authorities.Preventive measures related to
politically exposed persons (PEPs) and reporting of
suspicious transactions were updated and are largely in line
with the FATF standards, however the PEPs definition
requires further amendments and the effectiveness of the
measures should be enhanced further.The AML/CFT supervision
of banks is comprehensive and related sanctions are
effective, but further progress could be made to enhance
risk-based supervision and AML/CFT tools. |
| format |
Report |
| author |
International Monetary Fund |
| author_facet |
International Monetary Fund |
| author_sort |
International Monetary Fund |
| title |
Russian Federation Financial Sector Assessment Program : Anti-Money Laundering and Combating the Financing of Terrorism |
| title_short |
Russian Federation Financial Sector Assessment Program : Anti-Money Laundering and Combating the Financing of Terrorism |
| title_full |
Russian Federation Financial Sector Assessment Program : Anti-Money Laundering and Combating the Financing of Terrorism |
| title_fullStr |
Russian Federation Financial Sector Assessment Program : Anti-Money Laundering and Combating the Financing of Terrorism |
| title_full_unstemmed |
Russian Federation Financial Sector Assessment Program : Anti-Money Laundering and Combating the Financing of Terrorism |
| title_sort |
russian federation financial sector assessment program : anti-money laundering and combating the financing of terrorism |
| publisher |
Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/210501511164747101/Russian-Federation-Financial-sector-assessment-program-technical-note-anti-money-laundering-and-combating-the-financing-of-terrorism-AML-CFT http://hdl.handle.net/10986/28977 |
| _version_ |
1764468097750663168 |