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Russia plans additional reporting requirements for money transfers by individuals including crypto traders

Bank of Russia sad that the move is aimed at identifying risk areas associated with the use of payment cards and wallets issued to fictitious individuals by cryptocurrency exchangers, online casinos, and unscrupulous participants in the financial market f

Central Bank of Russia in Volgograd / Image by: Wikimedia Commons

Wed, 29 Dec 2021, 13:12 pm UTC

The Central Bank of the Russian Federation (CBR), also known as the Bank of Russia, revealed plans to extract information from banks about money transfers between individuals, which would include those trading in crypto. The move will likely affect crypto exchanges in the country, which have been accused of carrying out illegal operations by the monetary authority.

Bank of Russia will request additional information on money transfers from commercial banks and financial institutions that process money transfers between individuals, according to Bitcoin.com. The move is part of the regulator’s efforts to clamp down on illegal transactions.

To facilitate the reporting, CBR has already sent a new reporting form for transactions to banks that will require them to provide information on money transfers between Russians. These include both the recipient’s and the sender’s personal data.

Bank of Russia clarified in a press release that the move does not imply that it plans to impose total control over transactions. Rather, the measure is “aimed at identifying risk areas associated with the use of payment cards and wallets issued to fictitious individuals by cryptocurrency exchangers, online casinos, and unscrupulous participants in the financial market for settlements with Russian citizens.”

The CBR further stated that there will be new reporting procedures for all transactions and that the new reporting requirement will cover specific cases such as when large sums of funds are transferred via multiple transactions to the same recipient within hours. The regulator explained that transactions involving multiple transfers between two parties are suspicious as they are not ordinary payments between individuals or businesses.

In addition, banking institutions providing payments services to individuals will only be required to provide anonymized data only when their platforms are suspected of being used for illegal operations.

Authorities are now in discussion on proposals that will regulate crypto-related activities outside the scope of the law “On Digital Financial Assets” which took effect in January 2021. These include crypto mining as well as trading.

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