NBB clarifies requirements for internal control rules for certain financial operations
<p> MINSK, Dec 17 - PrimePress. The National Bank of Belarus (NBB) has clarified the requirements for the internal control rules for organizations engaged in financial transactions to prevent money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. </p> <p> </p> <p> The rules are specified in NBB Resolution #366 of November 19, 2020, reports the National Legal Internet Portal. </p> <p> </p> <p> The resolution targets leasing companies, microfinance organizations and other legal entities, which in accordance with the legislation have the right to conduct microfinance activities, including points of sale in terms of microfinance activities, forex companies, National Forex Centre, banks and non-bank financial institutions in terms of their activities in transactions with over-the-counter financial instruments initiated by individuals and legal entities. </p> <p> </p> <p> The document regulates, in particular, the operation of the internal control system; risk management; customer identification and customer satisfaction surveys; freezing funds and (or) blocking financial transactions of persons involved in terrorist activities; identification of financial transactions subject to special control in the activities of customers; requirements for qualification and training of employees of organizations engaged in financial transactions. </p> <p> </p> <p> The resolution is based on the Law on Measures to Prevent the Legalisation of Criminal Proceeds, Terrorist Financing and the Financing of Proliferation of Weapons of Mass Destruction as of 30 June 2014, and will enter into force after its official publication. End </p>
2020-12-18
Primepress
NBB clarifies requirements for internal control rules for certain financial operations
MINSK, Dec 17 - PrimePress. The National Bank of Belarus (NBB) has clarified the requirements for the internal control rules for organizations engaged in financial transactions to prevent money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction.
The rules are specified in NBB Resolution #366 of November 19, 2020, reports the National Legal Internet Portal.
The resolution targets leasing companies, microfinance organizations and other legal entities, which in accordance with the legislation have the right to conduct microfinance activities, including points of sale in terms of microfinance activities, forex companies, National Forex Centre, banks and non-bank financial institutions in terms of their activities in transactions with over-the-counter financial instruments initiated by individuals and legal entities.
The document regulates, in particular, the operation of the internal control system; risk management; customer identification and customer satisfaction surveys; freezing funds and (or) blocking financial transactions of persons involved in terrorist activities; identification of financial transactions subject to special control in the activities of customers; requirements for qualification and training of employees of organizations engaged in financial transactions.
The resolution is based on the Law on Measures to Prevent the Legalisation of Criminal Proceeds, Terrorist Financing and the Financing of Proliferation of Weapons of Mass Destruction as of 30 June 2014, and will enter into force after its official publication. End