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I., K., & M., T. (2018). Construction of the system of internal control in microfinance organizations for AML / CFT purposes. KnE Social Sciences, 3(2), 89-95. https://doi.org/10.18502/kss.v3i2.1529

https://doi.org/10.18502/kss.v3i2.1529

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authors

  • Kunitsyna I.

    Kunitsyna I.

    Financial University under the Government of the Russian Federation, Moscow
  • Tushbatulina M.

    Tushbatulina M.

    Financial University under the Government of the Russian Federation, Moscow

Published Date

  • Feb 15, 2018

Construction of the system of internal control in microfinance organizations for AML / CFT purposes

KnE Social Sciences / III Network AML/CFT Institute International Scientific and Research Conference "FinTech and RegTech" / Pages 89-95

Abstract

The article deals with the main characteristics of a microfinance market in the Russian Federation, reflects the main regulatory and legal framework for regulating the core activities of microfinance organizations and activities to counter money laundering and terrorist financing. The work shows the importance of internal control for AML / CFT. The purpose of the article is the development of a few activities that should be carried out by the internal control service in microfinance organizations for AML / CFT purposes.

 

Keywords: Microfinance organizations, regulation, control, terrorism, money laundering, legalization.

References
[1] Federal Law No 151 of July 2, 2010, “On Microfinance Activities and Micro- finance Organization” // The system «Consult Plus» / [Electronic resource] - URL: http://www.consultant.ru/document/cons_doc_LAW_102112/ (date of access 09.11.17).


[2] The review of crucial indicates microfinance organization for the second quarter 2017 // The official website of Central Bank of Russia [Electronic resource] - URL: http://www.cbr.ru/finmarkets/files/supervision/review_mfo_17Q2.pdf (date of access 08.11.17).


[3] Information on registration and licensing of credit institutions in 2017 // The official website of Central Bank of Russia [Electronic resource] - URL: http://www.cbr.ru/statistics/print.aspx file=bank_system/inform_17.htm&pid=lic&sid=itm (date of access 08.11.17).


[4] A. Abalkin, V. Shamin. The development of the market of microfinance institutions in Russia // Universum: Economics and law: the electronic scientific journal. 2015. No5. [Electronic resource] - URL: http://7universum.com/ru/economy/archive/item/2115 (date of access 09.11.17).


[5]Federal Law No 115 of 07.08.2001 ”On Counteracting the Legalization (Laundering) of Proceeds from Crime and Financing of Terrorism” // The system «Consult Plus» / [Electronic resource] - URL: http://www.consultant.ru/document/cons_doc_LAW_32834/ (date of access 09.11.17).


[6] Bank of Russia Directive No. 3484-U of December 15, 2014 ”On the Proce- dure for Submission by Non-Credit Financial Organizations of Information to the Authorized Body of Information Provided by the Federal Law on Coun- tering the Legalization (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism” // The system «Consult Plus» / [Electronic resource] - URL: http://www.consultant.ru/document/cons_doc_LAW_175032/ (date of access 08.11.17).


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[8]Criminal Code of the Russian Federation of 13.06.1996 No 63 – FL // The system «Consult Plus» / [Electronic resource] - URL: http://www.consultant.ru/document/cons_doc_LAW_10699/ (date of access 08.11.17).


[9] Why are the microfinance organizations fined? // The official website «Easyfins.ru» [Electronic resource] - URL: http://easyfins.ru/article/za-chto-shtrafuyut-mfo (date of access 08.11.17).


[10] Why are the microfinance organizations fined: in 2017 // The official website «Easyfins.ru» [Electronic resource] - URL: http://easyfins.ru/article/za-chto- shtrafuyut-mfo-v-2017-godu-administrativnomu-vzyskaniyu podverglisy-27- mikrofinansovyh-organizaciy (date of access 08.11.17).


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