Actual Problems of
Economics and Law




DOI: 10.21202/1993-047X.11.2017.1.79-88

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Authors :
1. Elena A. Shapkina, PhD (Law), member of the Civic Chamber of the Russian Federation, Associate Professor of the Department of State Audit
Higher School of State Audit of Lomonosov Moscow State University

2. Konstantin I. Brykin, Master’s student; legal advisor
Higher School of State Audit of Lomonosov Moscow State University; Juridical Directorate of the State corporation “Bank for Development and Foreign Economic Affairs (Vneshekonombank)”

Compliance in the banking sector: checking the observance of legislation on controlled foreign companies

Objective: to identify the features of law implementation in the banking sector when fulfilling the compliance procedures, as well as specificity of the identification of clients by credit institutions in the implementation of the law provisions on controlled foreign companies.

Methods: dialectic approach to cognition of legal phenomena, allowing to analyze them in their development and functioning in the context of objective and subjective factors. Comparative method, formal-logical method, method of deduction.

Results: in the article the necessity is proved to introduce the compliance procedures as a mechanism for internal control systems in the banking sector and for impeding the development of the shadow economy, corruption and extremist manifestations. It is determined that the application of the compliance system allows to solve the problem of the effectiveness of anti-corruption policy. The approaches are analyzed to the problem of offshorization of the Russian economy and measures for its resolution, including by creating mechanisms of taxation of controlled foreign companies. The aims and approaches are viewed to defining the controlled foreign companies and the impact of Russian reforms on the legal systems of foreign countries. In particular, we consider changes in Swiss law aimed at tightening controls over financial transactions in the banking sector with the aim of combating money laundering, as well as compliance with Russian anti-offshore legislation. It is stated that the change in the legal field in Russia will contribute to the protection of fiscal interests of the state and modernization of thebanking systems of internal control.

Scientific novelty: basing on the use of complex scientific methods, for the first time the study is carried out of the compliance procedure in the banking sector from the point of view of checking the observance of the legislation on controlled foreign companies.

Practical significance: the main provisions and conclusions of the article can be used in scientific and practical activities. The results of the analytical work can be applied in pedagogical activities.

Keywords :

Constitutional law; Legislation; Controlled foreign company; Notice of controlled foreign company; Compliance; Swiss banks; Identification; Resident

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Citation :

Shapkina E. A., Brykin K. I. Compliance in the banking sector: checking the observance of legislation on controlled foreign companies, Actual Problems of Economics and Law, 2017, vol. 11, No. 1, pp. 79–88 (in Russ.). DOI: 10.21202/1993-047X.11.2017.1.79-88

Type of article : The scientific article

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