VEB.RF becoming a state corporation under the Federal Law On State Development Corporation «VEB.RF» predetermines the new mission and role of the Corporation.
VEB.RF currently focuses on driving long-term social and economic development of the Russian Federation and setting the stage for sustainable economic growth and more efficient and larger investment in the national economy through Russia-based and international projects designed to build infrastructure and promote industry, innovation, and special economic zones, protect the environment, improve energy efficiency, support exports, and expand the access to international markets for Russian industrial products. VEB.RF also retains an active role in the international banking community.
As such, VEB.RF is fully committed to address the challenges related to anti-money laundering, countering the financing of terrorism and the proliferation of weapons of mass destruction faced by the international banking community.
The AML/CFT Framework designed and put in place by VEB.RF is based on the requirements of the Federal Law On Anti-Money Laundering and Countering the Financing of Terrorism, guidelines of the Bank of Russia and international financial institutions, and expertise of Western and major Russian financial institutions. The existing Framework relies on the current business lines of the Corporation and its customer base known for their transparent operations to minimize the risk of VEB.RF’s being used for money laundering, or the financing of terrorism, or the proliferation of weapons of mass destruction.
The AML/CFT Framework safeguards VEB.RF against criminal proceeds infiltrating the Corporation while minimizing the AML/CFT and WMD proliferation risks, ensuring independence of the Internal Control Officer and involvement of employees in related measures.
The Framework is based on the Internal Control Rules for the Purposes of Anti-Money Laundering and Countering the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (the “Internal Control Rules”).
The Compliance set up within the VEB.RF’s organization is responsible for anti-money laundering and countering the financing of terrorism and the proliferation of weapons of mass destruction. VEB.RF has appointed a dedicated officer (Internal Control Officer) responsible for implementing the Internal Control Rules.
Relevant programs developed by the Corporation outline the roles and govern relations between VEB.RF’s business units for the purposes of anti-money laundering, countering the financing of terrorism and the propagation of weapons of mass destruction. The programs include KYC procedures for VEB.RF to identity customers, their representatives, beneficiaries, and beneficiary owners in line with applicable laws; assess customer risks and the risk that VEB.RF’s services can be used for money laundering, the financing of terrorism or the propagation of weapons of mass destruction; timely identify customer operations and transactions that are subject to mandatory control, and any unusual transactions; document and store information received; and take measures to prevent money laundering, the financing of terrorism and the propagation of weapons of mass destruction.
All employees of VEB.RF involved in (supporting) banking or other transactions regardless of their position take part in the implementation of the Internal Control Rules within their respective competences, take due care of any unusual operations or transactions, and pay special attention to factors that affect customer risk assessment and to operations conducted by high risk level customers.
VEB.RF provides systematic training to employees of VEB.RF on applying Russian laws on anti-money laundering, countering the financing of terrorism and the propagation of weapons of mass destruction.
VEB.RF develops program «Know your customer» which include:
1. Special requirements for opening personal/business/correspondent bank accounts:
- For opening of personal account VEB.RF requires documents for identification of an applicant’s personality, address and taxpayer identification number.
- For opening of business account VEB.RF requires constitutive documents and documents where an applicant’s name, registration number, permanent and current mailing address, taxpayer identification number appear. When opening business accounts VEB.RF pays special attention to the information on the applicant’s senior management and the owners (in case of privately held institutions), expected account activity and other publicly available information.
- For opening of correspondent bank account VEB.RF requires constitutive documents and documents where applicant’s name, registration number, permanent and current mailing address, taxpayer identification number, banking licence, list of authorised signatures appear and also information on senior management, the owners (in case of privately held institutions), expected account activity and other publicly available information.
- VEB.RF also requests information on correspondent bank’s KYC policies and AML procedures.
- In case of necessity VEB.RF requires other additional information for opening and maintaining of personal/business/correspondent bank accounts.
2.Identification of transaction profile before opening accounts (volume and main type of transactions).
3.Special rules for detecting suspicious transactions (policy of monitoring large volume transactions). Once an unusual activity is detected we make our internal investigation of the reasons of such activity and then if necessary take measures set by Russian AML legislation.
4. Monitoring our customer’s accounts.