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Money laundering has become a burning problem of the last decade due to the process of economic globalization, the development of the financial system of modern Russia, the increased activity of terrorism in the country and in the world. Having realized the difficulty of identifying the laundered money in the international financial system, the developed countries formed the Financial Action Task Force on Money Laundering (FATF) organization.
Since June 2003 the Russian Federation has been a member of FATF. The country’s executive and legislative bodies are making major efforts to create in the Russian Federation the necessary legal base and an efficient system of measures for combating money laundering and financing of terrorism. Since February 1 2002 Russia has implemented Federal Law of No115 dated 7 August 2001 on “Anti-Money Laundering and Combating the Financing of Terrorism”, that regulates the activity of economic subjects covering preventing, identifying and eliminating offences connected with money laundering and financing of terrorism.
In accordance with the requirements of Federal Law No 115 FCRB as an organization, carrying out operations with cash and other assets, carries out an internal audit to combat money laundering and financing of terrorism.
The control bodies of the Bank are represented by a special department managed by an officer responsible for anti-money laundering and combating the financing of terrorism. The officer in charge and the employees of the department meet the job specifications required by the Central Bank of the Russian Federation.
The range of regulations, instructions and operational documents as well as the software used allows the Bank to successfully meet the requirements for informing the official authorities about the operations subject to mandatory control and suspicious operations, and to carry out the study of the client database, identification of the clients. The Bank follows the principle "Know Your Client”: it gathers studies and checks the information about the client and its operations.
The Bank strictly observes the requirements of the legislation and the regulations issued by the state organisations of the Russian Federation in respect of anti-money laundering and combating the financing of terrorism. In its work the Bank is also guided by the recommendations of the Committee of the Association of Russian Banks on the matters of anti-money laundering and combating the financing of terrorism and by the recommendations of FATF and the international organizations dealing with these matters.
The work of FCRB in anti-money laundering meets the international requirements in this field, which was a decisive factor when considering the issue of granting of a banking licence in the Czech Republic to the subsidiary bank of FCRB.
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