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Bogdanova, M., Gorshkov, E., & Kabanova, N. (2018). An Analysis of the EU Experience in Constructing a System of Controller Relationships with MFIs in the Field of AML / CFT and its Application in the Russian Federation. KnE Social Sciences, 3(2), 15-21. https://doi.org/10.18502/kss.v3i2.1519

https://doi.org/10.18502/kss.v3i2.1519

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authors

  • M. Bogdanova

    M. Bogdanova

    Student of the Faculty of Risk Analysis and Economic Security named after Professor V.K. Senchagova of Financial University under the Government of the Russian Federation, Moscow
  • E. Gorshkov

    E. Gorshkov

    Student of the Faculty of Risk Analysis and Economic Security named after Professor V.K. Senchagova of Financial University under the Government of the Russian Federation, Moscow
  • N. Kabanova

    N. Kabanova

    Scientific Adviser: Assistant professor of Financial University under the Government of the Russian Federation, Moscow

Published Date

  • Feb 15, 2018

An Analysis of the EU Experience in Constructing a System of Controller Relationships with MFIs in the Field of AML / CFT and its Application in the Russian Federation

KnE Social Sciences / III Network AML/CFT Institute International Scientific and Research Conference "FinTech and RegTech" / Pages 15-21

Abstract

The article deals with the experience of regulating the issues of countering the laundering (legalization) of proceeds from crime and financing of terrorism (hereinafter AML / CFT) in microfinance organizations (hereinafter referred to as MFIs) using the example of the EU. The downward trend in the MFI market in Russia is largely due to the violation of AML / CFT legislation. In this connection, there arises the problem of regulating MFIs in this field. A comparative analysis of the system of relations between MFIs and the regulator in the Russian Federation and the EU allows us to conclude that it is impossible to apply the EU experience in the RF system at the moment. The primary measure is to revise interest rates used by MFIs to approach the understanding of MFIs in the EU.

 

Keywords: microfinance organization, AML / CFT, EU experience, regulator.

References
[1] The official site of the Central Bank of the Russian Federation URL: http://www.cbr.ru/finmarket/supervision/sv_micro/ (date of circulation: 07.11.2017);


[2] European microfinance network / about us URL: http://www.europeanmicrofinance.org/index.php?rub=emn aisbl&pg=about-us (circulation date 06.11.2017);


[3] Annual report of the Bank of Russia for 2016 URL: http://www.cbr.ru/publ/God/ar_2016.pdf (circulation date 06.11.2017);


[4] The percentage of hits // the Russian Newspaper URL: https: //rg.ru/2017/08/09/mikrozajmy-do-zarplaty-budut-vydavat-po-novympravilam.html (circulation date 06.11.2017);


[5] Corbucci V. The latest trends in personal microcredit provision // Personal loans: the forgotten half of microcredit?. 2016. C.8;


[6] Microfinance in Europe: A Survey of EMN-MFC Members: REPORT 2014-2015 / European microfinance network; Fabrizio Botti; Diego Luigi Dagradi; Luca Maria Torre, 2016. p. 91. - P. 36;


[7] World Bank statistics URL: http://databank.worldbank.org/data/reports.aspx source=2&series=NY.GNP.PCAP.KN&country (date of circulation: 05.11.2017);


[8] Federal Law No. 151-FZ of July 2, 2010 (as amended on May 1, 2017) ”On Microfinance Activities and Microfinance Organizations” (date of circulation: 05.11.2017);


[9] To fulfill the requirements of the AML/CFT easy! // Federal-online edition MICROCREDITS of Russia URL: https://microcredit-rf.ru/servisi/vipolniat-trebovania-popod-ft.html (date of circulation: 05.11.2017);


[10] Federal Law of August 7, 2001, No. 115-FZ ”On Counteracting the Legalization (Laundering) of Proceeds from Crime and Financing of Terrorism” (date of circulation: 05.11.2017).


[11] Instruction of the Bank of Russia of December 15, 2014 No. 3484-U ”On the procedure for submission by non-credit financial organizations to the authorized body of information provided for by the Federal Law on Countering the Legalization (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism” (circulation date : 11/05/2017);


[12] ”Code of the Russian Federation on Administrative Offenses” of 30.12.2001 N 195-FZ (as amended on 30.10.2017) (date of circulation: 05.11.2017);


[13] ”The Criminal Code of the Russian Federation” of June 13, 1996, No. 63-FZ (as amended on July 29, 2017) (as amended and supplemented, entered into force on August 26, 2017) (date of circulation: 05.11.2017)