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Combating Money Laundering and Terrorism Financing

This article outlines key points related to combating money laundering and terrorism financing, including reporting entities, suspicious transactions, additional scrutiny of transactions, procedures during registration of legal persons, and the role of the Authorized Body.

Reporting Entities and Reports

• Reporting Entities: Must submit reports on suspicious transactions or business relationships.
• Reports: Must include specific information such as:
  • Successive number
  • Signature of the responsible employee
  • Registration number of the reporting entity at the Authorized Body
• Submission Method: Reports may be submitted in hard copy or electronic form, with rules and timeframes established by normative acts of the Authorized Body.

Suspicious Transactions or Business Relationships

• Reporting Requirements: Must report suspicious transactions or business relationships to the Authorized Body.
• Definition of Suspicious Activities: Include unusual patterns or large transactions without apparent economic or legitimate purpose.
• Reporting Details: Should include an indication of the reporting entity’s registration number at the Authorized Body.

Additional Scrutiny of Transactions (Business Relationships)

• Scrutiny Requirements: Must conduct additional scrutiny on complex and unusually large transactions, as well as those involving unusual patterns.
• Data Retention: Data on transactions must be maintained for at least 5 years after termination of the business relationship or execution of the transaction.

Procedures During Registration of Legal Persons and Licensing of Financial Institutions

• Beneficial Owners Declaration: Founders (participants, members, shareholders) of legal persons must file a declaration on beneficial owners when registering the legal person.
• Responsibility: Legal persons bear responsibility for incorrect or incomplete submission of data on beneficial owners.

Authorized Body

• Functions and Authorities: Includes receiving reports, analyzing received information, sending statements to criminal investigation authorities, and requesting other information from reporting entities and state bodies.
• Sanctions: May impose sanctions established by the law for financial institutions and legal persons.