21 June 2023

Preparation and Implementation of Sectoral ML/TF Risk Assessments Seminar

Preparation and Implementation of Sectoral ML/TF Risk Assessments seminar was held at ITMCFM in a hybrid format. It was organized for employees from the Federal Supervision Agency for Information Technologies, Communications, and Mass Media, the Federal Assay Chamber, the Federal Treasury, the Federal Tax Service, and the Bank of Russia.

Ivan Uvarov, Deputy Head of Supervisory Activities Department at the Federal Financial Monitoring Service, commented on the seminar s focus:

"The seminar addresses the topic of sectoral ML/TF risk assessments. This is an important element of our national anti-money laundering system. The ultimate goal of sectoral risk assessments is to aid both the private sector and supervisory authorities in identification of relevant issues within specific sectors. This includes recognizing both threats and vulnerabilities. It is imperative to comprehend how criminals exploit these sectors for money laundering and financing of terrorism, and the underlying factors that facilitate such exploitation. Ultimately, this information should empower agencies to adapt their strategies for risk mitigation.

In many ways, this seminar serves as an initiating step, which helps agencies that are embarking on sectoral risk assessments or are in the midst of this process, to acquaint themselves with our practices.

As you are aware, the Service has already developed and published two reports on sectoral risk assessments this spring, focusing on payment processors and the leasing sector. In this context, sectoral risk assessment is a basis of what we now term AML/CFT risk-based supervision. It is widely applied by the Federal Financial Monitoring Service and is actively being implemented by other supervisory agencies. This remains a highly pertinent subject for supervisory authorities. We can say that the attention of our supervisory unit is focused on it. It encompasses the creation of risk assessment models and facilitates information exchange between our institutions, which guarantees proficient day-to-day monitoring of risks within sectors. In essence, sectoral risk assessments serve as the foundational element of this endeavor."

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