AML/CFT and financial rehabilitation of customers: instructions and practical recommendations for entrepreneurs

The guidelines were developed to help entrepreneurs understand the reasons for credit institutions' refusal to conduct transactions and to conclude bank account agreements under the law on countering the legalisation of criminally obtained incomes and the financing of terrorism (AML/CFT). Entrepreneurs are also advised what to do to avoid such a situation.

The guidelines explain the conditions when a bank may refuse to conduct transactions over an account or to conclude a bank account agreement and the reasons that may cause remote banking (Internet banking) to be restricted. They also provide instructions on what entrepreneurs should do and who they should turn to in such situations. The guidelines help entrepreneurs understand the difference between the suspension of transactions and the blocking (freezing) of cash and non-cash funds, between dubious transactions and transactions subject to mandatory control, and explain how the degree of customer risk is classified and what measures a bank takes when it detects an increased level of customer risk.

The guidelines were prepared by a specially created working group, which included representatives of the Bank of Russia, the Chamber of Commerce and Industry of the Russian Federation, the public associations Business Russia and OPORA RUSSIA, and the Agency for Strategic Initiatives. Discussion and development of the guidelines were conducted at the Upgrade laboratory.

The developers believe that the guidelines will enhance transparency in the interaction of entrepreneurs with credit institutions, as well as increase the level of awareness of the work of the interdepartmental commission established under the Bank of Russia among businesses.