Workshop on Relevant Issues Related to Compliance with Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Legislation Requirements by Real Estate Market Intermediaries

Published At Dec 17, 2020

On December 16, 2020, the workshop on relevant issues related to compliance with anti-money laundering and counter-terrorist financing (AML/CFT) legislation requirements by real estate market intermediaries was held in virtual format via videoconferencing.

The virtual event brought together the representatives of the supervisory department of the Federal Financial Monitoring Service, heads of AML/CFT departments, compliance officers of real estate agencies as well as individual entrepreneurs rendering real estate services.

After expressing gratitude to the event host – the International Training and Methodology Centre for Financial Monitoring, Deputy Head of Rosfinmonitoring’s Supervisory Department Aleksandr Kuryanov pointed out that such events always provide additional opportunity for interaction and allow for sharing information about new risks and trends in the sector.

“Real estate transactions are traditionally associated with increased risks of legalization of criminal proceeds, including corruption proceeds. It is critically important for the sector to ensure effective mitigation of these risks. We plan to hold a series of such practice-oriented workshops in all Russian regions in 2021. We see that the sector representatives are also very interested in sharing experience and best practices and seek to implement new approaches with a view to improving the effectiveness of internal controls …,” pointed out Aleksandr Kuryanov.

Deputy Head of Rosfinmonitoring’s Interregional Department in the Northwestern Federal District Fedor Ivanov presented to the participants the overview of typical breaches of the mandatory obligations related to arrangement and implementation of AML/CFT internal controls by entities involved in transactions with funds or other assets.