BankersAccuity Adds Russian PEPs to WorldCompliance

KYC due diligence is intended to thwart and identify suspicious activities including fraud, money laundering, and bribery, which the Russian government has sought to reduce with enactment of Law 115-FZ. The new database, which will provide names in Cyrillic and Latin as well as aliases, photographs, and other pertinent information, will be added to the open-source platform WorldCompliance, and will work with BankersAccuity or other vendor platforms.

“Combatting money laundering and terrorist financing is high on the Russian Federation and Central Bank’s agenda, with regulations of the Bank of Russia 375-P and amendments to Law 115-FZ now in force. As a result, BankersAccuity has responded by providing organizations with a tool to conduct enhanced ‘know your customer’ (KYC) due diligence to help minimize the risk of illicit financial activity in Russia," says Micah Willbrand, payments and risk director at BankersAccuity.