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D.A., K., E.R., M., V.V., P., N. A., K., & D.A., K. (2018). Specifics of Compliance-Functions Application in the Sphere of AML/CFT. KnE Social Sciences, 3(2), 436-443. https://doi.org/10.18502/kss.v3i2.1574

https://doi.org/10.18502/kss.v3i2.1574

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authors

  • Komissarova D.A.

    Komissarova D.A.

    Financial University under the Government of the Russian Federation, student of the Faculty of Risk Analysis and Economic Security, Moscow
  • Myasishcheva E.R.

    Myasishcheva E.R.

    Financial University under the Government of the Russian Federation, student of the Faculty of Risk Analysis and Economic Security, Moscow
  • Potekhina V.V.

    Potekhina V.V.

    Financial University under the Government of the Russian Federation, student of the Faculty of Risk Analysis and Economic Security, Moscow
  • Kabanova N. A.

    Kabanova N. A.

    2 Financial University under the Government of the Russian Federation, Candidate of Economic Sciences, Ph.D., Moscow
  • Komissarova D.A.

    Komissarova D.A.

    Corresponding Author

Published Date

  • Feb 15, 2018

Specifics of Compliance-Functions Application in the Sphere of AML/CFT

KnE Social Sciences / III Network AML/CFT Institute International Scientific and Research Conference "FinTech and RegTech" / Pages 436-443

Abstract

In the article, the authors consider issues of AML/CFT implementation in a world and Russian practice as a global threat to the national security of states and the world community as a whole. Despite the existence of regulated AML/CFT systems in foreign countries, the events of recent years have shown the necessity for their modernization in accordance with the conditions of global realities. At the same time, domestic experience is reflected in the insolvency of AML/CFT requirements.

One of AML/CFT tools is the implementation of compliance functions in the activities of organizations. The authors carried out a complex analysis of the compliance phenomenon in Russian reality, identified and analyzed the main problems of introducing the function studied.

 

Keywords: AML/CFT, compliance function, compliance officer, regulator, credit and non-credit financial organizations, compliance risk.

References
[1] Anti-Money Laundering // PWC URL: https://www.pwc.com/gx/en/services/ advisory/forensics/economic-crime-survey/anti-money-laundering.html (date of the application: 01.11.2017).


[2] Federal Law of 07.08.2001 N 115 ”On countering the legalization (laundering) of proceeds from crime” (date of the application: 02.11.2017).


[3] Federal Law 01.12.2016 No. 315 ”On Self-Regulating Organizations” (date of the application: 02.11.2017).


[4] Krupyshev D. Risk management in the Russian bank. Competitive advantages of the system approach Risk management in the Russian bank. Competitive advantages of the system approach // Legal Insight