Aggregated News From Investment Management Regulators

Bank of Russia starts testing Know Your Customer platform together with credit institutions

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The regulator will start to inform credit institutions about the levels of the risk associated with the involvement of their clients (Russian legal entities and individual entrepreneurs) in suspicious transactions. Thus, banks will have the opportunity to practically test the processes related to the integration of obtained information into their internal systems and anti-money laundering procedures.

The testing will take place until the end of March 2022. By the moment, 40 banks have connected to the platform in the pilot mode. Further on, this number may be increased. By 1 July 2022, the information platform will become available to all credit institutions.

As envisaged by the law regulating the Know Your Customer platform developed by the Bank of Russia, all bank clients — Russian legal entities and individual entrepreneurs — will be grouped into three categories depending on their risk level: high, medium, or low. This information will be provided to credit institutions on a daily basis. The launch of this platform will reduce regulatory burden on bona fide entrepreneurs. Furthermore, banks will be able to focus on countering suspicious transactions.

This news item was originally published by the Central Bank of the Russian Federation (CBR RU). For more information, please see the Source Link.

Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

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