Anti-Money Laundering Functions of Credit Organizations in Russia
Stella Gukova, Head of Legal and Compliance, ZAO Sumitomo Mitsui Rus Bank, Russia
This paper provides you brief observation of anti-money laundering (hereafter-AML) functions assigned to the credit organizations in Russia.
AML requirements are vary greatly from region to region. Although Russia follows international practice and FATF recommendations the system of AML measures isn’t the same as in Europe or USA. Russia is out of EU or US jurisdiction and its AML environment has some peculiarities. It can be probably explained by the fact that international regulations have no direct applicability in Russia, this area is regulated by several local state institutions and Russian AML legislation includes different types of norm-setting documents.
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