Issue of Money Laundering Risks Identification in the Activity of the Organizations and Individual Entrepreneurs Engaged in the Mining, Production, Use and Circulation of Precious Metals and Precious Stones

Abstract

This article is distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use and redistribution provided that the original author and source are credited.Identification of money laundering risks in the sector of precious metals and precious stones is an important element in building an effective risk-based approach of money laundering risk assessment in the country. The article describes a mechanism of information exchange used in risk assessment of the organizations and individual entrepreneurs engaged in the mining, production, use and circulation of precious metals and precious stones. The mechanism is based on modern digital technologies such as a user’s cabinet on the Federal financial monitoring service website. The risk-score is obtained as a result of the analysis of the information contained in the database of Rosfinmonitoring, as well as monitoring and oversight activities conducted by Federal state institution «The risk-score shall be provided to all subjects of the sector allowing them to quickly resolve the shortcomings in their activities. Keywords: money laundering risk, sector of precious metals and precious stones, big data, information exchange, risk assessment, internal control.