Laundering: the preventive measure

Position Statement on the application of measures with respect to countries that do not perform or improperly perform the recommendations of international, intergovernmental organizations, determined that the subjects of primary financial monitoring must take measures on prevention of legalization (laundering) of proceeds from crime or financing terrorism. These subjects include: insurers (reinsurers), pawnshops and other financial institutions, corporate entities, in accordance with legislation providing financial services, payment organizations and members of payment systems. Collaborating with customers from high-risk countries, such entities should be strengthened to ensure identification and to find out more information about the client. In this case, the subject of initial financial monitoring has the right to refuse to hold risky financial transactions. Disposal of the Financial Services Commission of 11.11.1910, № 857 will come into force after its official publication.