Anti-Money Laundering Functions of Credit Organizations in Russia

Stella Gukova, Head of Legal and Compliance, ZAO Sumitomo Mitsui Rus Bank

This paper provides you brief observation of anti-money laundering (hereafter-AML) functions assigned to the credit organizations in Russia. AML requirements are vary greatly from region to region. Although Russia follows international practice and FATF recommendations the system of AML measures isn’t the same as in Europe or USA. Russia is out of EU or US jurisdiction and its AML environment has some peculiarities. It can be probably explained by the fact that international regulations have no direct applicability in Russia, this area is regulated by several local state institutions and Russian AML legislation includes different types of norm-setting documents.

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Russia Money Laundering Banking & Finance April 2011 Vol. 4, No. 15, Spring 2011

Stella Gukova

Stella Gukova - Graduated the ordinary state school in 1999 and successfully passed exams to one of the best universities - State University - High School of economics. Right after the graduation she joined a big Russian bank Investsberbank (now part of Hungarian OTP banking group). Then she joined MIRA-BANK, which was relatively small in comparison but provided all scope of banking transactions. After 3 years she joined IPF (British Financial Group). It was very interesting because it was a start up of a new bank. She successfully managed the process of obtaining a licence and set up of business and had close communications with the Central Bank of Russia. But unfortunately the global financial crisis changed IPF's plans and it was decided to close the business in Russia. At that moment she received an offer from SMBC to join the team establishing a new subsidiary. She joined Sumitomo Mitsui Rus Bank as Head of legal and supported the project of establishment but in half of a year was promoted to Local Compliance officer and Deputy Head of Planning. Currently she is in charge of legal, compliance, AML and HR groups.

ZAO Sumitomo Mitsui Rus Bank

ZAO Sumitomo Mitsui Rus Bank a newly established subsidiary of SMBC group in Russia with the charter capital in amount of 1,6 billion rub and banking licence obtained in June 2009.

Russia Money Laundering Banking & Finance April 2011 Vol. 4, No. 15, Spring 2011