Gladkova S.B.Saint-Petersburg University of Ministry of Internal Affairs of Russian Federation, St. Petersburg, Russian Federation gladkovas@rambler.ru
Subject The article continues a series of articles on the problems of practical implementation of requirements in the sphere of anti-money laundering and combating the financing of terrorism (AML/CFT) by commercial banks to reflect the latest amendments to relevant laws and regulations. It reviews economic and legal relations arising in the course of enforcing rules and regulations in the said sphere between commercial banks, the regulator, and financial control authorities. Objectives The purpose of the paper is to prove the need for and define areas of further development of the national legislation through creating adequate impact on credit organizations based on foreign experience and the Russian law enforcement practice. Methods The study draws upon the analysis of administrative sanctions applied in different jurisdictions to banks and other financial institutions that fail to perform the required AML/CFT procedures. Results We have analyzed foreign experience in applying sanctions to credit institutions for offences in the sphere of AML/CFT, assessed the possibilities of its efficient application to Russian bank offenders. The study unveils the causes of inadequate efficiency of the existing mechanism of administrative sanctions against domestic credit institutions, and presents effective ways of interaction between the Bank of Russia and the legislator. Conclusions Based on the analysis of foreign and domestic practices, we offer certain measures to optimize the interaction of control authorities and credit organizations in the context of AML/CFT, and the areas of legal framework development.
Keywords: commercial bank, internal control, money laundering, administrative offenses
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