COMPLIANCE, FRAUD PREVENTION AND ANTI-CORRUPTION IN FINANCIAL INSTITUTIONS

For the first time in history of Russia’s finance, compliance definition has been given full legal recognition through changes in CBR Statement 242-P ‘On the Organisation of Internal Controls in Credit Institutions and Banking Groups’.  In addition to compliance with the new regulations, banks will face the task of reforming internal control and audit systems.

This new compliance comes in the wake of a relatively new trend by financial institutions moving towards more business transparency, as witnessed by transparency initiatives at some of the largest banks in Russia and CIS. Firms striving for better transparency have quickly recognized that the effort is quickly becoming a critical internal process, improving the degree to which companies are protected from legal, regulatory and strategic risks.

Beyond the implementation of new compliance functions, CIS banks are faced with implementing the radical new task-compliance requirements of FATCA. The situation is further complicated by sanctions, forcing a strengthening of compliance-controls, internal controls and financial monitoring. In addition to the innovations and changes in international and local laws, compliance and AML managers are being challenged by a wide range of ongoing efforts to contain Money Laundry and to inhibit the Financing of Terrorism.

This upcoming IC Energy business event will highlight the most recent developments, leading practices and innovative solutions from leading financial institutions.  The event will discuss effective implementation, development and improvement of risk aversion compliance systems, as well as present real world experience in managing and preventing fraud.