Procedures for Financial Monitoring of the Banking Sector in Russia

Abstract

The article analyzes the nature, content, and variety of procedures that are used by authorized subjects (organizations and government agencies) for the purposes of financial monitoring as a form of financial control of banking operations in the Russian Federation. The author proposes a classification of financial monitoring procedures based on analysis of the national banking legislation and secondary legal acts issued by the Central Bank of the Russian Federation. A definition of the notion of legal techniques used for financial monitoring of the banking system in Russia is also presented. The paper argues in favor of comprehensive financial monitoring, as well as combined control and informational nature of procedures used for the financial monitoring of banking operations in Russia.

Keywords

• financial monitoring
• federal financial monitoring service
• banking operations
• procedures
• credit organization
• bank
• money laundering
• banking control
• internal control