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Global AML Guide

1. Are there any sanctions imposed against Russia?
    The EU and the US imposed sanctions on Russia over the crisis in Ukraine.
2. What are the regulated institutions in Russia?
    Banks, money transfer companies, leasing companies, investment and securities companies, insurance companies, federal postal organizations, advocates, notaries, and legal services providers.
3. Who are the local regulatory authorities in Russia, and which government authorities are responsible for investigating and prosecuting money laundering criminal offenses?
    The Government of the Russian Federation, The Central Bank of the Russian Federation (CBR), The Ministry of Finance (MinFin), The Assay Chamber (under the supervision of MinFin), The Federal Supervision Service for Communications, Information Technologies and Mass Communications (Roscomnadzor), The Federal Tax Service.
4. What is the status of Russia's FATF?
    Russia is among the FATF member countries. Russia is not included in the list of countries with AML deficiencies determined by FATF. The Mutual Assessment Report on the implementation of the latest anti-money laundering and counter-terrorism financing standards implemented by FATF in Russia was made in 2019. According to this FATF assessment, Russia is compliant with 7 of the FATF 40 Recommendations and is largely compliant with 28.
5. Which global regulations Russia has to comply with?
    As Russia is a member of FATF, it must comply with FATF 40 recommendations as in other countries.
6. What are the AML obligations of the businesses in Russia?
    Under Russia's AML regulations, incumbent entities had to identify their customers and suspicious transactions that could be a financial crime. In addition, obliged institutions should implement the AML program and internal control programs to ensure their compliance. Organizations should employ and regularly train AML compliance officers. Additionally, AML compliance officers must report suspicious transactions to the Federal Service for Financial Monitoring.
7. What are the local AML laws and regulations in Russia?
    The AML Law, Code of Administrative Offences of the Russian Federation, Criminal Code of the Russian Federation,etc.
8. What are the penalties for failure to comply with the Anti-Money Laundering law in Russia?
    In Russia, by law, certain sanctions are imposed on individuals committing money launderings, such as fines of up to RUB 1,000,000 or 5 years in the amount of an individual's income, up to 5 years of disqualification, up to 7 years of imprisonment, and other sanctions, including restrictions and forced labor. These penalties may vary depending on the burden of the crime committed.
9. What are the contact details of the relevant regulators in Russia?
    The Federal Supervision Service for Communications
    Kitaigorodskiy proezd, Moscow, 109995, Russia
    T: +7 (495) 587-44-68

    The Central Bank of the Russian Federation (CBR)
    12 Neglinnaya Street, Moscow, 107016 Russia
    T: +7 499 300-30-00
10. Are violations of anti-money laundering obligations also subject to criminal sanctions?
    Yes, institutions in Russia have to comply with AML laws, or they will be penalized by regulators
11. What can oblige institutions do to prevent money laundering and to comply with AML regulations?
    In Russia, organizations can easily comply with regulations and minimize ML risks, such as Customer Due Diligence, Know Your Customer, Transaction Monitoring, etc. With its AML solutions, Sanction Scanner can easily adapt to all regulations such as AML Name Screening, AML Transaction Monitoring, AML Transaction Screening, Adverse Media Screening, and minimize their risks. For detailed information, you can Contact Us or Request Demo.