Anti-Money Laundering and Countering the Financing of Terrorism: Key Issues Addressed by the Bank of Russia

Skobelkin Dmitry

Development of Credit Bureaus in Russia

Mamuta Mikhail, Sorokina Olga, Tyan Valeria

In the article the problems arising during development of complex system of formation and disclosing of credit histories (system of the credit reporting) in the international and Russian practice are considered; types and sources of reception of the information are examinated. The special attention is given to legislative definition of users of credit histories, practice of regulation of access to data. Questions of protection and confidentiality of the information as factors which can raise quality of services of a bureau of credit histories are discussed. Thus the accent on the price barriers limiting opportunities of participation of the microfinancial organizations and credit consumer cooperative societies in a bureau of credit histories is done.

Dynamics of the Measure of Default Probability on Personal Loans

Nikonov Oleg, Vlasov Vladimir, Chernavin Fedor

This paper reviews the dynamics of probability of default of consumer loans for the period from Q2 2011 to Q2 2014, describes a model for calculating probability of default by migration matrices. The paper also includes a comparison of reserves established in accordance with the regulation of Bank of Russia № 254-P and expected losses of the portfolio calculated in accordance with the IRB approach.

Leasing Terms and Conditions and the Quality of Work of Leasing Companies

Alekseeva Anna

Money Route: Iran - Golden Horde - Russia (14-15

Goncharov Evgeny

The article deals with the origins of medieval Russian coin denominations - silver (denga) and copper (pulo). Both names were borrowed from the monetary terminology of the Golden Horde, where they, in turn, came from Ilkhanid Iran. In the same way, a specific ornament called «the magic knot» also emerged in the design of Russian and early Lithuanian coins.

On Improving Supervision of Credit and Non-Credit Financial Institutions in the Area of AML/CFT

Rudko-Silivanov Viktor, Vishnyak Gennady, Dolmatova Tatiana

The article develops the complex approach applied to the risk-based supervision over the activities of lending and non-lending financial institutions in AML/CFT within its basic elements: implementation of the financial monitoring, monitoring of suspicious transactions, control procedures, and risk assessment with Bank of Russia Territorial Branch of Primorsky Krai practices in this sphere in mind. The paper suggests the solution of the arousing issues and outlines the goals.

On the Revised Approach of the Basel Committee on Banking Supervision to Market Risk Assessment

Stezhkin Aleksandr

The article is about analysis of the revised concept of Basel Committee on Banking Supervision approach to market risk determination and calculation according to the second consultative paper «Fundamental Review of the Trading Book - A Revised Market Risk Framework» (October, 2013) in comparison with the first one published in May, 2012. The main changes in framework of the boundary between trading book and banking book are marked out and described. The key attention is focused on general principles of this consultative document: standardized and internal model-based approaches, the main specialties and borders of applicability.

«Payment Rate» as An Instrument of Monetary and Fiscal Policy

Korop Valery

The work reviews theoretical backgrounds for introduction of a new tool both of fiscal and monetary policy which is suggested to be payment rate. The author arrives at a conclusion that from the point of view of fiscal policy this tool may represent more progressive taxation as alternative or addition to the existing system for the purposes of improvement and simplification of business environment. At the same time the rate suggests directly influences on the money supply in economy by means of money flows what can be quite efficient mean for monetary field regulation.

Problems of Using the Criminal Law on the Liability for Illegal Banking

Lyaskalo Aleksey

The publication based on the materials of judicial practice examines the application problems of Article 172 of the Criminal Code of the Russian Federation, the issues of differentiation of illegal banking activity and illegal entrepreneurship, qualification of other crimes committed in the process of illegal banking activity, including money laundering, forgery of payment documents and securities, tax evasion. The author offers the interpretation of some elements of illegal banking activity.

Regional Development as the Basis for the New Architecture of the Credit Market

Brovkina Natalia

Russia was faced with serious geopolitical and economic challenges. The true reasons for the decline in GDP growth rates, economic volatility and exposure to external risks are, in the opinion of the author, structural and regional disparities reproduction that lead to distortions in the credit market. The main direction of overcoming the existing problems - strengthening the regional economy and the formation of a new model of the Russian banking system.

Risks of Credit Institutions from the Standpoint of an Inspector

Zotov Andrey

Russia’s Audit Services Market: Trends, Problems and Developments

Turbanov Aleksandr, Lisovskaya Irina

The article concerns trends in the development of audit in Russia as one of the most important economic institutions that specify market economy, identifies key issues and defines the main directions of development of the audit services market.

Six Steps Necessary to Recover Social and Economic Growth and to Overcome Stagnation, Recession and Stagflation

Aganbegyan Abel

The Reasons, Dynamics and Scale of Capital Outflow from Russian Economy

Andrianov Vladimir, Krivopustova Ekaterina

The article describes current problems related to capital outflows from Russia. Analysis of causes and actual patterns of capital outflow is presented. Prominence is given to questionable transaction as an important part in total capital outflows. Characteristic of global offshore assets is given. Resume includes key conclusions about impact of capital outflow on Russian economy and investment climate in the current geopolitical environment.

The Swiss National Bank and the Financial Results of Its Activity

Sukharev Aleksandr, Tolkachenko Galina

The paper presents the analytical data of the Swiss National Bank, the data on income, expenses and financial results of the Swiss National Bank, as well as indicators of its financial leverage and profitability for the period from 1995 to 2013. The comparative characteristics of the main financial indicators of the Swiss National Bank with other central banks are presented in this article.


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