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L.H., B., D.A., L., & T.S., C. (2018). Legal aspects of Organizing AML/CFT System in Foreign Companies. KnE Social Sciences, 3(2), 273-278. https://doi.org/10.18502/kss.v3i2.1554

https://doi.org/10.18502/kss.v3i2.1554

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authors

  • Botasheva L.H.

    Botasheva L.H.

    Financial University under the Government of the Russian Federation, Moscow
  • Levakova D.A.

    Levakova D.A.

    Financial University under the Government of the Russian Federation, Moscow
  • Chupilina T.S.

    Chupilina T.S.

    Financial University under the Government of the Russian Federation, Moscow

Published Date

  • Feb 15, 2018

Legal aspects of Organizing AML/CFT System in Foreign Companies

KnE Social Sciences / III Network AML/CFT Institute International Scientific and Research Conference "FinTech and RegTech" / Pages 273-278

Abstract

The article explores Russian and international experience of AML / CFT regulation in companies. It analyzes the regulatory framework of the United Kingdom, France, the United States, Japan, Italy and other countries, identifies the characteristic features of counteracting the legalization of proceeds from crime. The study of analytical reports of the leading global consulting companies for 2014-2016 shows changes in the applied AML/CFT enforcement measures in the organizations: it emphasizes the quality of data of control measures for transactions, focuses on the formation of a systematic approach to AML/CFT, specifies the KYC requirements. The comparison of established international and national requirements allows to assess the level of AML / CFT provision in Russia and propose innovations in the regulatory framework for AML / CFT regulation of Russian companies to improve its effectiveness: changing penalties, increasing the effectiveness of law-enforcement authorities cooperation, implementing the principle "know your customer", ensuring the regular training of all staff, and other methods.

 

Keywords: AML/CFT, legal framework, FATF.

 

References
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[4] The Money Laundering (Amendment) Regulations 2012 // URL: http://www. legislation.gov.uk/uksi/2012/2298/ (Retrieved on 01.11.17).


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