AML (Anti-Money Laundering)

Counteract legalization of illicit gains (AML)

According the Federal Law ‘On Counteracting Legalization of Illicit Gains (Money Laundering) and Terrorism Financing, bank provides strong  system designed to counteract money laundering since 2002. We believe, it minimizes Bank VENETS risks being used formoney laundering or terrorism finanacing.

On the base Bank of Russia Act № 375-P dd. 02.03.2012 "Requirements to the Internal Control Provisions, counteracting legalization of illicit gains (money laundering) and terrorism financing" and  Bank of Russia Act № 499-P dd. 15.10.2015 "About processes for the identification of  clients and those customers on whose behalf it maintains or operates accounts or conducts transactions intended to counteract legalization of illicit gains (money laundering) and terrorism financing" bank has different functions and methods in order to conteract illegal transactions, for exaple:

 a legal and regulatory compliance program that includes a designated officer that is responsible for coordinating and overseeing the AML framework;

a policy, prohibiting accounts/relationships with shell banks;

a policy, not conducting transactions with or on behalf of shell banks through any of its accounts or products;

a policy, of reasonably ensuring that bank operates only with those correspondent banks that possess licenses to operate in their countries of origin

a policy, covering relationships with Politically Exposed Persons (PEP’s), their family and close associates;

a policy and practices being applied to all branches and subsidiaries of the bank;

the determination of appropriate level of enhanced due diligence necessary for those categories of customers and transactions that the bank has reason to believe pose a heightened risk of illicit activities at or through the bank;

a policy, implementing processes for the identification of those customers on whose behalf it maintains or operates accounts or conducts transactions and others.

 

Wolfsberg Anti-Money Laundering Questionnaire

 

 

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