Risk-Oriented Approach of the Bank of Russia in AML/CFT: Results and Prospects

The study is devoted to the new risk-oriented approach of the Bank of Russia in AML/CFT (Know Your Customer Platform), which has not yet been well researched by the scientific community. The purpose of the work is to determine the impact of the KYC Platform on the Russian AML/CFT system, interim results of its work and development prospects. In order to systematize the knowledge about the KYC Platform, the author studies the regulatory framework, identifies international analogues, analyzes the available literature, and summarizes personal experience of working with this service in the compliance department of one systemically important Russian bank. The impact of the KYC Platform on the Russian AML/CFT system is examined through the context of business, banking compliance and judicial practice. Based on the results of the study, more than 10 statements confirming the successful implementation of the KYC Platform and its high importance in the Russian AML/CFT system are highlighted. The author finds prospects for the development of the service in the elaboration of its weaknesses. The study identifies about 20 problems of the KYC Platform and offers options for their solution.