The Central Bank of Russia (CBR) published a new set of rules for suspicious transactions, reported the Russian financial publication RBC on Feb. 17. The update broadly categorizes every transaction linked to cryptocurrency as a potential money laundering risk.
The bank has issued an update of guideline 375-P, which lists all signs of suspicious activities that may be related to money laundering. This is the first such update since 2012, when the first regulations were introduced.
The manual has been developed in collaboration with the Federal Office for Financial Monitoring (Rosfinmonitoring). A representative of the central bank explained that this was done to “add new arrangements for the execution of unusual transactions, taking into account modern developments in the financial markets.”
The head of the central bank had previously indicated that the number of possible risk factors needed to be reduced. As in other countries, a bank or other financial service provider may identify certain transactions as suspects, which may freeze the suspect’s account or, in serious cases, close it completely.
Although the list may have been consolidated, the regulators have added a broad clause that considers any activity associated with cryptocurrency as a potential risk.
In the same context, cash transactions require that various reservations be considered suspicious. For example, if a physical person regularly collects most of the money that he has received from a legal person.
For cryptocurrencies, any activity that can be identified as buying or selling is considered a money laundering risk. This generally includes deposits and withdrawals from known stock exchanges.
This step is because Russian legislators continue to make changes to the law on digital financial assets, which was proposed in early 2018. is being considered.