Gazprombank Private Banking holds round table devoted to current compliance issues as part of the St. Petersburg International Legal Forum

Moscow, May 28, 2018. The platform for the event, which was held on May 17, was the St. Petersburg International Legal Forum.  A round table was arranged in the five o’clock format.  Experts discussed over a cup of tea what the clients of financial institutions need to know about modern compliance.  Those who took part in the discussion included D.V. Volvach, department head of the Federal Tax Service, M. A. Rovinsky, Advisor of the law firm Ivanyan & Partners, and representatives of Gazprombank – S.S. Potapeyko, Head of the Department of Private Banking Business, E. V. Kaganova, Head of the Department of Internal Control, and M. V. Nechepa, Head of the Department of Legal Support for Operations on Financial Markets and International Business.

The complex regulation of the financial sector requires financial institutions to strengthen control over the regulatory environment, and also to introduce new standards for assessing and verifying the quality of capital placed by customers.

During the discussion, the speakers discussed what legal instruments capital can use to meet the new standards. All the requirements of financial institutions for the quality of capital were thoroughly discussed, including the sources of its origin, checking tax purity and compliance with national regulatory requirements, including those in the area of ​​currency regulation.

Taking into account the recent amendments made to Russian legislation, special attention was paid to capital amnesty as an instrument for overcoming regulatory barriers. The participants of the round table also touched on the topic of automatic information exchange.

"Gazprombank Private Banking provides capital management services to wealthy private clients and, of course, pays special attention to the “purity” of capital. And this is not only a question of the bank’s reputation, which, of course, is paramount. Russian capital does not always understand the new requirements and their significance, which can negatively affect the freedom to dispose of capital. This is why we have gathered here with representatives of regulators and industry to once discuss together what the client needs to know about current compliance at financial institutions, and the legal standards that capital must meet. The discussion turned out to be interesting and, most importantly, useful," Sergey Potapeyko said.