The Bank of Russia has released an assessment report on money laundering and terrorist financing risks in the financial sector over the past five years. The analysis follows recommendations from the Financial Action Task Force (FATF).
According to the Bank of Russia, a framework was developed to evaluate risk levels for each segment of the financial market under its supervision. The regulator examined the likelihood of various schemes materializing and identified common methods used for money laundering.
“This information helps enhance money participants’ awareness of ML/TF risks and the effectiveness of work to prevent them. Based on these data, the regulator develops measures to reduce the possible involvement of financial institutions in illegal activity,” according to the Bank.
The assessment also incorporated findings from national evaluations concerning money laundering and terrorist financing risks.
