FEATURES OF THE USE OF A RISK-BASED APPROACH BY THE BANK OF RUSSIA AND CREDIT INSTITUTIONS IN THE FIELD OF COUNTERING THE LEGALIZATION OF CRIMINAL PROCEEDS

Abstract

Financial monitoring of combating money laundering is an important function of any state. A large percentage of crimes related to money laundering and terrorist financing are committed with the use of credit institutions. In the context of modern financial globalization and the integration of financial markets, the high vulnerability of the national economy to external macroeconomic factors, the organization of an effective system of internal control in credit institutions is of particular relevance. The purpose of this study is to substantiate the importance of applying a risk-based approach to financial monitoring of credit institutions, as well as to analyze the risks of involving banks in the process of money laundering and terrorist financing. Methodological approaches to the use of a risk-oriented approach in the control and supervisory activities of the Bank of Russia in the field of combating money laundering and terrorist financing were considered, and specific features of risk-oriented internal control in credit institutions were identified. It was found that the use of a risk-based approach allows to correctly distribute efforts and direct attention to a more risky area. An analysis of the use of the risk-based approach by credit institutions made it possible to identify the main vulnerabilities associated with its application.