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AML/CTF policy

Preventing money laundering and the financing of terrorism

VTB’s anti money laundering and counter terrorist financing policy (AML/CTF) is developed in line with Federal Law No.115-FL dated 07.08.2001 "Measures to Combat Money Laundering and the Financing of Terrorism" and Bank of Russia recommendations.

  • Address to Correspondent banks and VTB contractors
  • "Banks against money laundering" (Declaration by Russian Banks)
  • On measures taken by JSC VTB Bank to prevent money laundering and the financing of terrorism.

    Please be advised that in accordance with the Federal Law “On Measures to Combat Money Laundering and the Financing of Terrorism” and Bank of Russia recommendations to enact internal control on money laundering and the financing of terrorism, VTB Bank Group developed and implemented: a consolidated policy on countering money laundering and terrorist financing, as well as international sanctions compliance; VTB Group consolidated management concept of anti-money laundering and counter-terrorist financing internal control; internal control rules on countering money laundering and terrorist financing; and the directive on preparing and submitting information covered by the Federal law "On Measures to Combat Money Laundering and the Financing of Terrorism."

    JSC VTB Bank appointed Alexander G. Yakovlev (Phone: +7 (495) 783-13-25, Fax: (495) 739-77-98, e-mail: alexander.yakovlev@msk.vtb.ru), the Head of Compliance Control and Financial Monitoring of VTB Bank, to oversee Bank divisions’ compliance with measures to combat money laundering and terrorist financing, and to implement programmes to this end. For AML/KYC/FATCA related inquiries please email us at AML_KYC@corp.vtb.ru.

    JSC VTB Bank does not establish or maintain relations with non-resident banks that do not have any standing regulatory bodies on the territory of the countries of their incorporation.

    JSC VTB Bank has no accounts in banks registered in those countries that do not abide by regulations to counter money laundering and terrorist financing (as can be understood from international sources).

    Please be advised that under Bank of Russia Regulation No. 283-P "On the Procedure for the Formation by Lending Institutions of Reserves for Possible Losses" dated 20.03.2006, JSC VTB Bank currently has no requests from the taxation authorities to transfer payments to any level of the Russian Federation budget system or to governmental non-budgetary funds, has not received any instructions regarding the sequestration of correspondent accounts in other banks and has no outstanding salary payments to employees. JSC VTB Bank will give due notification of any changes to the information stated above.

    Looking forward to mutually beneficial cooperation.

  • Declaration by a group of Russian banks

    In order to combat the penetration of criminal capital into national economies and to counter the financing of terrorist activities, many countries in the world have created or are in the process of creating national mechanisms to counteract the laundering of criminal income and join forces in this area under the auspices of international organizations.

    The Russian Federation also joined the international system of measures aimed at preventing the legalization of criminal income and terrorist funding and is an active participant of the Financial Action Task Force (FATF) and the Egmont Group. Russian law on money laundering and financing for terrorism incorporates major recommendations developed by the international community.

    Since many products and services offered by banks are used as instruments for money laundering and in funding terrorism, and given the need to act in accordance with the applicable Russian law in this area —

    THE SBERBANK OF THE RUSSIAN FEDERATION,
    VTB BANK,
    VNESHECONOMBANK,
    ALFA BANK,
    BANK OF MOSCOW,
    BANK ZENIT,
    INTERNATIONAL MOSCOW BANK, and
    RAIFFEISENBANK AUSTRIA (MOSCOW)
    declare that, in their professional activities, they will be guided by the following principles:
    — Declaring the inadmissibility of the Bank’s utilization for money laundering and terrorism financing purposes;
    — Identifying all Bank customers;
    — Applying the «know your customer» principle to each of the Bank’s customers;
    — Banning the opening of bearer accounts;
    — Establishing correspondent relations only with financial institutions that take measures aimed at preventing money laundering and the financing of terrorism;
    — Banning correspondent relations and transactions with «shell banks» that have no physical presence at their registered address;
    — Informing the Federal executive body empowered to fight money laundering and terrorism financing (FSFM) in a timely fashion of transactions subject to reporting.
    Given the complexity of the measures the Russian banking community must take in its work to combat money laundering and the funding of terrorism, in addition to meeting Russian legal requirements and implementing recommendations by those international organizations of which the Russian Federation is a part, these banks will also undertake joint actions, including:

    — Sharing experience in the area of internal controls aimed at preventing money laundering and the financing of terrorism; 
    — Developing joint approaches to implementing the principle "Know your customer"; 
    — Jointly developing methods to identify suspicious transactions and financial schemes and of the standard characteristics of money laundering and terrorism financing transactions;
    — Pursuing a united policy towards correspondent banks; 
    — Developing a unified approach to staff training on the issues of money laundering and funding for terrorism; holding joint training seminars, round tables, research-and-practical conferences; 
    — Preparing joint proposals on improving the legal and normative base regarding money laundering and funding for terrorism and sending them to the Bank of Russia, the Federal Service for Financial Markets and the Federal Service for Financial Monitoring; rendering practical assistance to these institutions in the development of normative documents in this field;
    — Developing coordination between these 8 banks on a voluntary basis; 
    — Developing cooperation with Russian and foreign banks, their groups and associations interested in strengthening and improving Russian and international systems of money laundering and the funding of terrorism.

    Other Russian credit institutions that share principles and intentions outlined are welcome to sign up to this Declaration.

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