Legal Regulation of Financial Monitoring and Compliance System

Profession

An important element that ensures the sustainable development of the country, transparency of the financial sector and national security is the system of combating money laundering and financing of terrorism (AML / CFT), which unites financial intelligence units, law enforcement and supervisory authorities, banks, other financial organisations and non-financial enterprises and professions.
A necessary condition for the effective operation of the system is the availability of highly qualified specialists who are able not only to quickly respond to new challenges and threats, but also to prevent them.

Educational Process

The master’s specialisation Legal Regulation of Financial Monitoring and Compliance System was developed in 2019 with participation of representatives of the Federal Financial Monitoring Service, law enforcement agencies, business community and international experts in the field of AML/CFT.
The learning process focuses on:
— improving legal regulation and law enforcement practice in the field of preventing and combating economic crime, corruption, terrorism, and extremism,
— adaptation of the legislation of the Eurasian region countries to the recommendations of the Financial Action Task Force on Money Laundering (FATF) regarding amendments,
— application of a risk-based approach in the activities of organisations engaged in transactions with monetary funds and other property, as well as in supervisory activities.
Case studies are used to study methods for detecting, investigating, and solving crimes related to legalization (laundering) of criminal proceeds, corruption, and terrorism financing, including methods of international investigations.
The law enforcement practice of identifying the beneficial owners of economic entities, identifying and freezing assets intended for terrorism financing, mechanisms of interdepartmental coordination in the field of countering the financing of weapons of mass destruction proliferation are analyzed.
The programme provides for research in the field of information and analytical support for financial monitoring and developing skills in automated data processing in the field of AML /CFT.
Disciplines studied within the programme are as follows:
— Philosophy of Law,
— History and Methodology of Legal Science,
— Comparative Law,
— Foreign Language,
— Current Issues of Financial Monitoring System Development,
— International AML/CFT System,
— National AML/CFT Systems,
— Compliance Control in the Organisation,
— Internal Control for AML/CFT Purposes,
— Supervisory Activities in the Field of AML/CFT,
— Typology Studies,
— Financial Investigations,
— Investigation of Economic Crimes,
— Criminal Liability for Money Laundering and Terrorist Financing,
— Risk-based Approach in the Field of AML / CFT,
— Legal Regulation of Economic Entities Activities,
— Transparency and Beneficial Ownership of Legal Persons and Entities,
— Information and Analytical Support of the Financial Monitoring System,
— Legal Regulation of the Issuance and Circulation of Electronic Money and Cryptocurrencies,
— Information security law and regulations,
— Automation of AML/CFT and CPF processes,
— System of Training and Evaluation of Personnel in the Field of AML / CFT.

Practice

Master’s programme students do internship in financial intelligence units, in international organizations, in national banks and law enforcement agencies, in the compliance departments of the largest financial institutions and in state corporations.

Career

The programme graduates have the opportunity to get employed in financial intelligence units, law enforcement and supervisory authorities, banks and other financial organizations of the Eurasian Group member states on Combating Money Laundering and Financing of Terrorism.