The Central Bank of Russia (CBR) has just announced a new set of rules for suspicious transactions, according to report of Russian financial publication RBC on February 17. The update broadly classifies any cryptocurrency-related transactions as well as potential money laundering risks.
The CBR has issued an update to the 375-P directive – which lists all suspicious activity signs that may be associated with money laundering. This is the first such update since 2012, when the original regulations were made.
The guide was developed in collaboration with the Federal Financial Monitoring Service (Rosfinmonitoring). A representative of the central bank explained that this was being implemented to add new options to manage unusual activities, with consideration given to modern developments in the financial market.
The head of the central bank has previously stated that the number of risk factors should be reduced. Like other countries, if a bank or other financial service provider identifies some transactions as suspicious, they can freeze the suspicious account or completely block it in serious cases.
Cryptocurrencies are a risk
While the list may have been consolidated, regulators have added a broad clause – considering any cryptocurrency-related activity to be a potential risk.
Within the same framework, cash operations require a number of alerts to be considered suspicious. For example, if a person actually regularly withdraws cash, most of the money is received from a legal entity.
For cryptocurrencies, any activity that can be identified as buying or selling, they will be considered a money laundering risk. This usually involves deposits and withdrawals from exchanges.
The move comes as Russian lawmakers continue to revise the digital finance law – which was proposed in early 2018. Meanwhile, the regulators' position on cryptocurrencies seems to be There have been worse movements in recent times, as a nationwide ban on payments is being considered.
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According to CoinTelegraph
Translated by ToiYeuBitcoin