From 2011 to 2012, FSVC implemented a program funded by the U.S. Embassy in Moscow to strengthen Russia’s anti-money laundering and combating the financing of terrorism (AML/CTF) framework from both the supervisory and compliance perspective. FSVC’s principal counterparts for the projects included the Central Bank of Russia, the Russian Financial Intelligence Unit (FIU), as well as the national banking associations and local banking associations or groups.
Through a series of six projects, FSVC trained local participants in the following key AML/CFT topics:
– Techniques used to identify money laundering, terrorist financing, corruption and financial fraud;
– Risk-based approach to compliance, Know-Your-Customer (KYC), and standards to combat corruption and tax crime;
– Complying with transnational regulations and sanctions; and
– Best practices in assessing AML risks posed by payment system platforms and developing specific policies and procedures.