Anti-Money Laundering Functions of Credit Organizations in Russia

April 2011Money Laundering Banking & Finance

Abstract

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.

Subscribe to reador

Part One of this Article focused on the U.S. Government’s anti-money laundering/contra terrorist financing (“AML”) efforts, certain deficiencies in the 2001 USA Patriot Act, which was enacted following the terrorist...Read more

Bruce Ortwine

External Advisor, Global Legal and Compliance, Sumitomo Mitsui Trust Group, Inc.; Adjunct Professor of Law, Rutgers University School of Law, n/a, USA

U.S. Plays Catch-up to Close Long-Standing Gaps in Anti-Money Laundering Laws: Part One

The U.S. Government finally seems to begin focusing on closing long-standing and significant gaps in existing anti-money and contra-terrorist financing laws (together, “AML”) that have been in existence for nearly...Read more

Bruce Ortwine

External Advisor, Global Legal and Compliance, Sumitomo Mitsui Trust Group, Inc.; Adjunct Professor of Law, Rutgers University School of Law, n/a, USA

Regulating AI in the UK: A Patchwork, a Plan, and What In-House Counsel Should Do About Both

The United Kingdom does not have an AI law. It has no AI regulator. It has no single, binding set of rules governing how artificial intelligence is developed, deployed or...

Anti-Money Laundering Functions of Credit Organizations in Russia

Abstract

Related Papers