Compliance system of financial organizations as a way to counter financing of terrorism and legalization (laundering) of proceeds from crime

The paper deals with the compliance system of financial organizations as one of the ways to counteract illegal financial transactions. It allows not only to counter the financing of terrorism and legalization (laundering) of proceeds from crime, but also to identify crimes in the process of tracking transactions. The compliance system includes development of documents, procedures, and measures that allow financial organizations to act within the framework of national legislation, protect customer and employee data, and counter fraud and corruption. The main engine of compliance ideology is the state. However, the compliance system has its drawbacks, which are highlighted in this study. Based on the analysis, the authors suggest measures that can contribute to development of the compliance system in financial organizations of the Russian Federation.