OREANDA-NEWS. August 12, 2011. It is stipulated by the new Regulation on banks’ activity in preventing and fighting money laundering and terrorism funding approved by the NBM’s Administrative Board. It is stressed that the programs are to be elaborated given the banks’ specifics: the size, complexity, nature and volume of services provided, categories of clients and risk degree and others. The new rules of client identification and drawing up of the full picture about a client will be an important part of the program.

The risk-based approach to clients suggests identification of clients, monitoring of their activity and transactions, increased prudence when studying a client to evaluate potential money laundering and terrorism financing risks. Particularly, higher security measures are planned to be taken in respect of distant clients with trans-border bank relations, transactions and business operations with politically significant persons.

The same actions will be taken in respect of clients, receiving or transferring funds from/to country/countries and/or zones, that haven’t adopted money laundering and terrorism financing combating norms or don’t have adequate norms in this field, as well as in cases when clients issue shares or other corporate securities.

The new Regulation stipulates informing law-enforcement structures of the suspicious operations and storage of data, introduction of internal control containing measures of identifying, evaluating risks, fixing and using special means to reduce the risks and revealed vulnerable places, introduction of the informational risk monitoring systems in line with the client’s risk profile, documenting and informing about dubious activities and transactions and activities and transactions subject to informing in accordance with the legislation.