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CONSULTATIONS WITH THE PRIVATE SECTOR: RISK ASSESSMENT AND THE ROLE OF THE PRIVATE SECOTR. GUIDELINES AND FEEDBACK

CONSULTATIONS WITH THE PRIVATE SECTOR: RISK ASSESSMENT AND THE ROLE OF THE PRIVATE SECOTR.

GUIDELINES AND FEEDBACK

       Consultations with the private sector on “Risk assessment and the role of the private sector. Guidelines and feedback” were held in the Uzbekistan capital city of Tashkent in the framework of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) 22nd Plenary week.

        The consultations were attended by representatives of the Financial Monitoring Committee of the Republic of Kazakhstan Ministry of Finance the RK National Bank and the second tier banks.

        The audience was represented by the financial monitoring subjects from financial and non-financial sectors of the EAG member-states.

        In his welcoming speech, the Executive Secretary of the EAG V.P.Nechayev spoke about importance of the annual dialogue between the private sector and the Eurasian Group states:

       “The format of consultations is annual for the Financial Action against Money Laundering (FATF) and regional groups similar to the FATF. If the Financial Action against Money Laundering is standards developer and at this level we discuss guidelines, best practices, need to change the standards, then our task is to familiarize with how these standards are implemented, what problems arise and what steps to take to address them. We are building a dialogue and the questions raised during our consultations will be put to the FATF”.

       The event included three sessions:

  1. The international experience in risk assessment. Prospects and trends;
  2. The sectoral risk assessment;
  3. Country risk assessment approaches. Best practices and the role of the private sector.

 

  The role of financial institutions in a national risk of money laundering and

financing of terrorism assessment was presented, marked by:

  • The comprehensive nature of the legal framework in the field of combating money laundering and financing of terrorism;
  • The effectiveness of reporting  about the customer’s due diligence in connection with the identification of suspicious transactions;
  • The effectiveness of the established requirements obligations implementation;
  • The presence of certain additional control measures in the field of combating money laundering and terrorism financing for specific products (services);
  • Honesty, knowledge and training of financial institutions employees;
  • Understanding of policies and commitments in the field of combating money laundering and financing of terrorism by the senior management of financial institutions;

 

    In combination with:

  • The availability of information on the ultimate beneficial owner and access to such information;
  • Effective systems of supervision and control;
  • Effective and dissuasive sanctions for non-compliance.

 

    The role of designated non-financial business and professions (DNFBP) in the national risk of money laundering and financing of terrorism assessment was analyzed, peculiarities of risk assessment in the non-financial sector were noted.

    Risks of virtual currencies and their regulation were presented, as well as the risks of money laundering and financing of terrorism in the structure of payment systems risks.

     There was a discussion to assess the risk of money laundering and terrorist financing in the banking sector in terms of regional integration.

    The OSCE tools and approaches to the national risk assessment were considered.

     Topical issues of the national risk assessment formation and experience of the Russian Federation in this sphere were discussed.

     Uzbekistan presented its experience of risk assessment and the application of risk-based approach.

      The MF RK Financial Monitoring Committee jointly with the OSCE made presentation of a guide for subjects of financial monitoring on the compliance with the legislation on combating money laundering and financing of terrorism and the use of risk-based approach.

      All of the considered issues have aroused great interest among the participants and were accompanied by an interested and lively discussion.

   

Igembayev A.K.

Head of Department

Financial Monitoring Committee

of the MF RK

 

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