Annual Report 2014

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With a view to ensuring functional development of IT support for its operations, Vnesheconombank accomplished a number of tasks in 2014 and, namely:

  • got connected to the Real Time Gross Settlement System to enable continuous processing of payments within the Bank of Russia Payment System;
  • to streamline and standardise interaction procedures between the VEB Group, and Russian Exporters and foreign buyers applying for guarantee support and financing, updated its automated system Financial Support to Russian Exports;
  • to respond to changes in the procurement laws applicable to specific types of legal entities, got connected to the NAVIGATOR Web trade and clearing system and ensured technical capability for trading in standard derivative products of the Moscow Stock Exchange;
  • updated the information analysis system "State Guarantee" and, in particular, computerised the beneficiary communication process;
  • upgraded the software for filling in securities report forms to be submitted to the Central Bank of the Russian Federation pursuant to the regulator's requirements;
  • computerised the process for collecting source data, obtaining reports and statements and providing Russia's Federal Financing Monitoring Service and Federal Tax Service
    with information about chains of the counterparties' beneficiaries in electronic format.

As part of the efforts to enhance the system for counteracting legalisation of illicit gains and terrorism financing, the Bank computerised its due diligence procedures for customer representatives, beneficiaries and beneficial owners in order to identify whether these are subject to jurisdiction of any listed states or territories. To prevent illegal use of insider information, the Bank upgraded its insider software.