GLOBAS Report Service Makes it Easy for Companies to Comply With AML / CFT Requirements

According to the findings of inspections conducted by ROSFINMONITORING (Federal Service for Financial Monitoring of the Russian Federation) violations are widespread in terms of:

  • Failure to comply with the requirements for the identification of customers and beneficial owners.
  • Failure to conduct a regular check of clients.
  • Lack of internal training for employees.

Failure to comply with customer identification and security requirements is often the most occurring violation. This violation causes non-compliance with other requirements of the legislation on combating money laundering. Information about the quantity or ratio in percentage is unfortunately not published.

In the first half of 2021, ROSFINMONITORING conducted 145 inspections of legal entities as well as individual entrepreneurs.  Violations were recorded for all inspected subjects and administrative cases were opened involving 95% of violations.

To provide companies with a checklist for AML/CFT compliance, GLOBAS developed a new Report Service.  This service assists companies with the preparations of documents required by the authorities in regard to compliance and due diligence. The service provides user settings permitting automatic loading of data into reports. Therefore the service makes it easier for companies to prepare AML / CFT reports.

The Report Service permits companies to verify themselves against special lists compiled by ROSFINMONITORING and the Federal Tax Service, which identify beneficial owners, conflicts of interest, affiliation, find facts of violation of the law, etc.

The Reports Service will help companies to create a reliable compliance management system that reduces the likelihood of claims from regulators and the risk of violations of regulations caused by employees.  All verification criteria comply with the requirements of the Federal Tax Service, AML / CFT (Anti-Money Laundering and Terrorist Financing) legislation in accordance with 115-FL, letters of the Central Bank and ROSFINMONITORING.

All four types of Reports are preinstalled in the personal account in Globas:

  1. Checklist is designed to streamline the internal rules for checks of counterparties;
  2. FTS criteria are indispensable when preparing a report on the selection of a counterparty, which is suitable for submission to the tax office;
  3. Report under the 115-FZ will automate the AML / CFT processes and relieve the company of regulatory claims;
  4. Compliance control is aimed to protect against financial, operational and reputational losses due to violation of laws and non-compliance with corporate rules.

The checking factors and the final form of the Report are adjusted in accordance with corporate regulations, and in the final document, and one can fix the checking date, full name, position of the auditor and his/her resume.

About Credinform Information agency Credinform is a local Russian provider of the highest quality service for credit risk management and company intelligence when doing business in and with Russia. Freshly investigated credit reports on Russian companies and sole entrepreneurs are available online. Online solution – the Information and Analytical System Globas  includes up-to-date, credible and reach data on Russian companies based on over 20 local public sources.

Source:  Credinform