Anti-money Laundering

 

On 30 June 2012 the Government adopted Resolution No. 667 approving requirements for rules of internal control to combat money laundering.

The Resolution is addressed to organizations which perform operations with funds and other assets of their clients and are vested with certain anti-money laundering functions by law (save for lending organizations).

It describes in detail nine programs on the implementation of internal control intended to cover all aspects of internal control, from the organization of work to combat money laundering and identification of clients, risk assessment and detection of operations having money laundering purposes to the storage of documents and information obtained as a result of implementing the internal controls.

The above organizations are required to bring their rules of internal control into compliance with the Resolution within one month of its entry into force.

The Resolution will enter into force seven days after the date of its official publication and will abolish Government Decree No. 967-r, dated 10 June 2010, on the same matter.

For further information please contact Igor Ostapets or Irina Dmitrieva in the Moscow office of White & Case, tel + 7 495 787 3000 .

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