Combating legalization (laundering) of criminally obtained revenues and terrorist financing

The internal control aimed at combating legalization (laundering) of criminally obtained revenues and terrorist financing is a part of the Bank's system of internal control. Its main objectives are:

  • to minimize the risk of Bank's engagement as the mediator for AML/CFT purposes;
  • to avoid the Bank's and its employees' participation in AML/CFT;
  • to protect the Bank from legal, reputation and financial risks risen as a result of someone's attempt to engage Bank in AML/CFT;
  • to reveal operations subject to mandatory control and suspicious operations, their record and submission of information about such operations to Rosfinmonitoing;
  • to support interaction between Bank and Rosfinmonitoring in receiving requests on submission of information and documents related to operations of the Bank's clients suspected in AML/CFT.

According to the item 2 Article 7 of the Federal Law dated August 7, 2001 № 115-FZ "On combating legalization (laundering) of criminally obtained revenues and terrorist financing" the rules of internal control and program of their implementation were developed by the Bank. A spatial official responsible for implementation of the abovementioned rules and programs was appointed. The Bank's Chairman of the management Board takes control over the Bank's combating legalization (laundering) of criminally obtained revenues and terrorist financing. The Bank's Chairman of the Management Board and the Board of Directors consider the Report on results of internal control over the AML/CFT on the quarterly basis.