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The Anti-Money Laundering Activities of the IBEC

 

Attaching great importance to the efforts of the international community of states and the international banking community on combating legitimization (laundering) of the proceeds of crime and the financing of terrorism, the International Bank for Economic Cooperation (hereinafter referred to as the IBEC, the Bank) places special emphasis on the compliance with the rules of international law, as well as the legislative requirements of the residence country in the area of anti-money laundering and combating the financing of terrorism (hereinafter - AML/CFT). 

In accordance with the recommendations made by the intergovernmental organizations involved in the development of international standards in the area of AML/CFT, the legislation of the member countries of the Bank, as well as practical experience of the leading European and Russian financial institutions, the IBEC implements a package of organizational and supervisory measures aimed at AML/CFT. 

The Bank has developed and applies the Internal Control Regulations for purposes of counteraction of the legitimization (laundering) of the proceeds of crime and the financing of terrorism, and other internal regulatory documents that meet the requirements of the modern international banking activity in this area.  

The Bank maintains business reputation at a high level and prevents the IBEC to be involved in dubious financial operations; in this regard, special attention is given to the implementation of the “Know Your Customer” principle, which sets the requirements for completeness of information provided by the customers about themselves and their counterparties and for verification of such information.

The IBEC does not maintain relations with non-resident banks of the Russian Federation that do not have permanent management bodies in the territory of the states where they are registered. The Bank does not have any accounts with the banks registered in the states (territories) that do not take part in international cooperation in the area of counteraction of the legitimization (laundering) of the proceeds of crime and the financing of terrorism.

The IBEC on a regular basis conducts advanced training of the employees of the structural subdivisions regarding the AML/CFT issues, in particular, with the participation of representatives of the regulatory state bodies of the residence country.

The IBEC consistently introduces the internal control system, under which the compliance with the AML/CFT standards is the responsibility of every employee of the Bank, who interacts with customers and (or) carries out (supports) banking operations and other transactions. In this regard, special emphasis is placed on the identification of dubious operations (transactions), different from the usual banking practice.