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Measures designed to counteract legalization of illicit gains
Reorganization of Vnesheconombank into a state corporation in June 2007 in accordance with Federal Law ‘On Bank for Development’ predetermined the Bank’s new goals and functions.
Today, Vnesheconombank is aiming to enhance competitiveness of the Russian economy, ensure its diversification and promote investment activities, remaining an active member of the global banking community.
In this context, the global banking community’s task of counteracting legalization of illicit gains and terrorism financing remains urgent.
Since 2002, Vnesheconombank has applied a system designed to counteract money laundering. Underlying the System are the requirements of Federal Law ‘On Counteracting Legalization of Illicit Gains (Money Laundering) and Terrorism Financing’, recommendations by the Central Bank of the Russian Federation and global financial institutions, as well as the experience of western and leading Russian banks. The System embraces all the areas of the Bank’s current activities and its customer base notable for its transparency, which minimizes the risk of Vnesheconombank being used for money laundering or terrorism financing.
Central to the System are Internal Control Provisions intended to counteract legalization of illicit gains (money laundering) and terrorism financing, as well as programs designed to help exercise control as approved by the Chairman of Vnesheconombank and agreed with the Russian Central Bank and the Federal Service on Financial Markets. A designated official supervises the observance of the provisions.
The Financial Control Department of the Security Directorate ensures the System operation.
The programs elaborated define the functions and methods of interaction between Vnesheconombank’s divisions and employees in order to counteract legalization of illicit gains and terrorism financing.
The System provides for certain procedures, which would enable Vnesheconombank to timely detect customers’ transactions that are subject to mandatory control, as well as to spot unusual transactions. It would also help Vnesheconombank identify beneficiaries, assess the risk of money laundering and terrorism financing by customers, document and store information about customers and their transactions, as well as about the measures taken to counteract legalization of illicit gains and terrorism financing.
All the employees of Vnesheconombank, who effect or support banking operations and other transactions, have to observe the above provisions and programs and to maintain due vigilance against any suspicious transactions, paying special attention to customers’ operations that involve high risks.
The respective official in charge and the Financial Control Department of the Security Directorate arrange regular training for Vnesheconombank’s employees to inform them of the latest amendments to the current legislation, its practical application, additional indications of suspicious operations and up-to-date measures to counteract them.
Statement
 Anti-money laundering questionnaire (2,6mB)
KYÑ
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