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NEWS


Anti-Legalization Measures

 


Evrofinance Mosnarbank Declaration on compliance with anti-money laundering provisions


In accordance with our business model based on the transparency and social responsibility principles, Evrofinance Mosnarbank declares its firm commitment and support of the world community to combat money laundering, financing of terrorism and other punishable acts.

Supervision over Evrofinance Mosnarbank, with the head office in Moscow, Russian Federation, is performed by the Central Bank of the Russian Federation (Bank of Russia, www.cbr.ru/eng/) and Federal Service for Financial Monitoring (FSFM of Russia, www.fedsfm.ru/en).

 

ANTI-LEGALIZATION MEASURES

There are rulings and law in the Russian Federation with respect to counteracting legalization (laundering) of proceeds from crime in order to implement the standards of the International Financial Action Task Force (FATF, www.fatf-gafi.org). Since July 2013 the Russian Federation has held the presidency of FATF according to staggered elections. The Federal Service for Financial Monitoring (Rosfinmonitoring) is also a member of the Eurasian FATF and follows its standards on bank supervision, principles and guidelines to apply the best practice.

Evrofinance Mosnarbank follows the high standards on anti-money laundering and applies all measures properly in accordance with Federal law No. 115-FZ dated August 07, 2001, “On Counteracting Money Laundering (Legalization of Illegally Acquired Proceeds) and Combating the Financing of Terrorism”.

Evrofinance Mosnarbank measures with respect to anti-money laundering and financing of terrorism aim to guarantee the rights and legal interest of the clients and the state, as well as to prevent the involvement of the Bank in punishable actions.

Evrofinance Mosnarbank has developed and applied the Internal Control Rules for Combating the Legalization (Laundering) of Income Derived from Criminal Activities and the Financing of Terrorism (hereinafter, the Internal Control Rules) in accordance with the requirements of the Russian legislation and the guidelines of FATF, Basel Committee on Banking Supervision and Wolfsberg Principles, and all internal control instructions are fully implemented in the above Rules.

The rules aim to maintain the effectiveness of the internal control system on combating the legalization (laundering) of income derived from criminal activities and preventing the financing of terrorism (hereinafter, AML/TF) at the acceptable level to manage the risks of legalization (laundering) the income derived from criminal activities and the financing of terrorism; to prevent the Bank management and its employees involvement in the legalization (laundering) income derived from criminal activities and in the financing of terrorism.

Evrofinance Mosnarbank applies all measures to maintain and improve the effectiveness of the internal control system on AML/TF.

Evrofinance Mosnarbank audits AML/TF process management on a year basis.

The business of the Bank Representative in Beijing (China) and Caracas (Venezuela) also meet all the requirements of the local legislation and the above-mentioned Rules of Evrofinance Mosnarbank.

 

Client Verification Procedures

In accordance with the “Know your Client” principle, Evrofinance Mosnarbank provides an in-depth analysis and verification of Clients, considers their Representatives, Beneficial owners and Beneficiaries, monitors Client cash flows on bank accounts (deposits) in order to meet the requirements of the Russian legislation, including those related to AML/TF.

To meet the requirements of the identification program and following Art. 7 of Federal Law No. 115-FZ dated August 07, 2001 “On Counteracting Money Laundering (Legalization of Illegally Acquired Proceeds) and Combating the Financing of Terrorism” Evrofinance Mosnarbank is obliged to update information about its Clients, their Representatives, Beneficial owners and Beneficiaries at least once a year, and in case of any doubts in fairness or accuracy of the information received earlier, within seven working days following the day of arising of such doubts.

According to Para. 14 Art. 7 of Federal Law No. 115-FZ dated August 07, 2001, “On Counteracting Money Laundering (Legalization of Illegally Acquired Proceeds) and Combating the Financing of Terrorism”, all Clients are obliged to provide information requested by the Bank to meet the requirements of the above Federal Law, including information on their Beneficiaries, founders (participants) and Beneficial owners.

All the documents and information provided to Evrofinance Mosnarbank, on which the Bank performs identification tests of the Client, its Representative, Beneficial owner and Beneficiary should be effective at the date of provision (receipt).

If the Client does not provide updated identification data and supporting documents, Evrofinance Mosnarbank is entitled to suspend the Client’s transactions in the remote banking service system and to take actions in accordance with Para. 11 Art. 7 of Federal Law No. 115-FZ dated August 07, 2001, “On Counteracting Money Laundering (Legalization of Illegally Acquired Proceeds) and Combating the Financing of Terrorism”, namely: to reject the Client’s transaction orders until all the required documents (information) are provided.

 

Client Representative

Client Representative is a person or entity acting in the name and interest or at the expense of the Client in accordance with the letter of attorney, agreement or ruling authorized state or local agency, law and sole executive of the legal entity.

 

Beneficial owner

Beneficial owner is an individual that either directly or indirectly (via third parties) owns (has over 25% interest) a corporate Client or may control the Client’s actions, including influence the decisions taken by the Client. Beneficial owner of an individual Client is that same person, except the cases when it is reasonable to assume that the Beneficial owner is a different individual.

According to Art. 6.1 of Federal Law No. 115-FZ dated August 07, 2001, “On Counteracting Money Laundering (Legalization of Illegally Acquired Proceeds) and Combating the Financing of Terrorism”, legal entities are obliged to have information on their Beneficial owners and to take reasonable and available actions to identify their Beneficial owners.

A legal entity is obliged to update information on its Beneficial owners at least once a year and record the provided information.

 

Beneficiary

Beneficiary is a person that is not a direct participant to a transaction, for which benefit the Client is acting.

Beneficiary is:

in payment for the third party: the third party indicated in the payment details or additional references (for which the payment is made)

under a bank deposit agreement: the third party in favor of which the deposit is opened

under a mandate agreement: the Mandator

under a commission agreement: the Consigner

under an agency agreement: the Principal

under a trust agreement: the person for the benefit of which the agreement is concluded

under insurance agreement: the person for the benefit of which the agreement is concluded

 

Training and skills improvement

Evrofinance Mosnarbank regularly provides trainings and knowledge assessment of the employees that participate in implementation of requirements under Federal law No. 115-FZ dated August 07, 2001, “On Counteracting Money Laundering (Legalization of Illegally Acquired Proceeds) and Combating the Financing of Terrorism”. The trainings are aimed to provide the required knowledge to Evrofinance Mosnarbank employees with respect to AML/TF to meet and fulfil the Russian legislation on AML/TF.

 

RECOMMENDATIONS TO CORPORATE CLIENTS

Evrofinance Mosnarbank is obliged to have information about businesses of its Clients/potential Clients according to the Russian legislation. All questions of Evrofinance Mosnarbank to the Client imply a professional attitude to maintain its goodwill and the goodwill of every Client of Evrofinance Mosnarbank.

Please note that it is important to preserve your goodwill and not to take any part in dubious financial schemes that may be aimed at the legalization (money-laundering) of the income derived from criminal activities and the financing of terrorism or other punishable actions. Please do not disclose your account details to any third person and do not make payments that do not relate to your business.

 

Important!

Please provide to Evrofinance Mosnarbank all information and documents that are requested by Evrofinance Mosnarbank in time, including transactions that your company makes on bank accounts. Please provide to Evrofinance Mosnarbank information and documents on the updates of your identification data.

Please note that in accordance with the requirements of the Russian legislation, a legal entity or a private entrepreneur is obliged to update information in the Unified State Register of Legal Entities and Individual Entrepreneurs (EGRUL), including its seat and types of business in the Russian National Classifier of Types of Economic Activity (OKVED).

Moreover, according to Art.54 of the Civil Code of Russia, the seat is the place of its state registration. A legal entity shall be registered at the location of the permanently operating body and, in the absence of such body, any other body or person authorized to act on behalf of the legal entity under a law or another legal act or a foundation document.

A legal entity takes risks with respect to nonreceipt of any legal communications delivered at the address provided in EGRUL and the risk of absence of its representative or body at the above address.

Communications delivered at the address provided in EGRUL are considered to be received by such legal entity, even if its location is different from the above address.

Non-compliance with the legislation on the state registration of legal entities and private entrepreneurs incur, without limitation, administrative liability.


Payment Rules

The field “purpose of payment” shall be filled in with all information on the name of goods/services, number and date of the agreement/account. This will enable Evrofinance Mosnarbank to understand the business substance of the transaction and probably help you avoid receiving requests.

Please ensure that your transactions are in line with the types of economic activities indicated in the foundation documents (OKVED).

Please check your partners and contractors on www.nalog.ru. Any business with a legal entity having evidence of a “shell company” may harm your goodwill.

 

CLIENT VINDICATION

Dear Clients,

If Evrofinance Mosnarbank makes a decision to abort transaction instructions or to refuse to enter into a bank account (deposit) agreement in accordance with Federal Law No. 115-FZ dated August 07, 2001, “On Counteracting Money Laundering (Legalization of Illegally Acquired Proceeds) and Combating the Financing of Terrorism” the Client is entitled to provide to Evrofinance Mosnarbank documents and (or) information on the absence of grounds for the decision to abort the transaction instruction or to refuse to enter into a bank account (deposit) agreement taking into account the information on the reasons of such decision provided by Evrofinance Mosnarbank.

Evrofinance Mosnarbank considers the documents and/or information provided by the Client within ten working days upon their provision and informs the Client on elimination of the grounds for a decision made to abort transaction instructions or to enter into a bank account (deposit) agreement or on the impossibility to eliminate of such grounds based on the documents and/or information submitted by the Client.

 

Financial Account Tax Compliance Act (FATCA)

FATCA is a USA law intended to detect the tax-dodging American taxpayers. According to FATCA, all banks (including foreign banks) are obliged to inform the Internal Revenue Service (IRS) on accounts of American citizens and corporations and their transactions. FATCA is a cross-border act effective beyond the USA jurisdiction. The banks meet the FATCA requirements either: (1) vis direct communication “bank — IRS” or, (2) via an intergovernmental agreement and exchange of information following the “bank — national government — IRS” scheme.

To comply with U.S. Foreign Account Tax Compliance Act (FATCA), Evrofinance Mosnarbank is registered with the U.S. Internal Revenue Service portal as a financial market player. The Bank was given the following FATCA ID code: Global Intermediary Identification Number (GIIN) SQJBUR.99999.SL.643.

 

The OECD (Organization of Economic Co-Operation and Development) Standard of Tax Information Exchange.

On May 12, 2016, the Federal Tax Service of Russia (hereafter, the FTS Russia) in the name of the Russian Federation entered into a multilateral agreement of competent bodies on automatic exchange of financial information as of October 29, 2014. The Russian Federation started the international exchange of financial information in 2018.

The list of jurisdictions with which the Russian Federation will exchange information is indicated in the Appendix to Order No. ММV-7-17/360@ “On Approval of the List of Countries (Territories) for Automatic Exchange of Financial Information” by the FTS Russia dated May 30, 2018.

Chapter 20.1 of the Russian Tax Code (with updates under Federal Law No.340-FZ dated November 27, 2017 “On Changes to Part One of the Russian Tax Code with Respect to the Implementation of the Automatic Exchange of Information and Documentation among International Groups of Companies”) obliges Russian financial organizations to identify persons among their Clients that are not tax residents of the Russian Federation and provide information on these Clients and the agreements with them to FTS Russia on a year basis.

The procedures of identification, the order and formats to provide these data by the financial organizations are provided by Decree No.693 “On Implementation of International Automatic Exchange of Financial Information with Competent Bodies of Foreign Countries (Territories)” dated June 16, 2018 by the Russian Government.


Certificate according to USA PATRIOT ACT

According to USA PATRIOT Act (“Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001”), the American financial institutes are obliged to apply specific programs and procedures that prevent the use of correspondence accounts to effect money laundering and the financing of terrorism.

A copy of the certificate that confirms Evrofinance Mosnarbank compliance with USA PATRIOT ACT is available at www.evrofinance.ru/files/upa.pdf. Should you be interested, we are willing to submit you the original certificate according to USA PATRIOT ACT. For more detailed information, please email us at ufi@evrofinance.ru.

 

 

 



CONTACTS

Client Support:
8-800-2008-600

Main office address:
29 Novy Arbat
Moscow 121099

Phone: +7 495 967 81 82
Fax: +7 495 967 81 33
E-mail: info@evrofinance.ru

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