New responsibilities for non-state pension funds

New responsibilities for non-state pension funds



Law on Counteracting the Legalization of Incomes No.115-FZ, which was previously known only in banking circles, has now become the subject of discussions among representatives of non-state pension funds. Recall that since July 2013 NPFs have been included in the list of organizations covered by this law.





New responsibilities for non-state pension funds

















In accordance with this normative actorganizations that carry out transactions with funds (including NPFs) are obliged to carry out the following measures to counteract money laundering:

  • to identify the future client before entering into a contract with him (for example, in relation to an individual, information about his / her full name, date of birth, citizenship, passport data, TIN);
  • annually update information about each of its customers, and if there are doubts as to the reliability of previously received data, the information must be updated within 7 working days;
  • within 3 working days from the time of the transaction, to inform Rosfinmonitoring about the transactions subject to mandatory control;
  • not later than 1 working day from the moment of placementinformation on the Internet to block money belonging to a person who is included in the list of "extremists" and report this to Rosfinmonitoring;
  • 1 every 3 months to check their clients for their involvement in "extremism" and report the results of the inspection to the authorized body;
  • at the request of the authorized body to provide information on customer transactions.

At the same time, many representativesnon-state pension sector suggest that the application of Law No. 115-FZ in this edition regarding APFs is somewhat difficult. The main difficulty for the APF representatives was caused by the obligation to update information on their customers annually. After all, APF clients basically do not have the desire to go there every year to provide information, but it is almost impossible to motivate or somehow force them to do this, as is the case with clients of credit institutions.

Annual mailing of letters requestingprovide updated information to all customers (some APFs have millions of them) can become too expensive. And the result from such mailing can be practically zero. So it turns out that such a duty for APF will be just a very costly formality.

NPF representatives also complained about the requirementsthe law on mandatory identification of customers only employees of the organization without involving agents. After all, a small network of NPFs does not allow them to work in this mode. And many NPFs used clients' services when attracting clients. Analyzing the above arguments, the authorized body - Rosfinmonitoring promised to soften the requirements of the law in relation to APFs. For example, as early as August 2014, management companies of APFs are allowed to attract credit organizations to identify their clients.