The Bank of Russia began testing “ants …

The Bank of Russia began testing “ants … post thumbnail image

40 credit agencies showed interest in traffic lights.

Russian banks have started the first tests of the Know Your Client (KYC) anti-money laundering platform, Bank of Russia Deputy Chairman Dmitry Skobelkin told the media. The words of representatives of the Central Bank at a press conference were reported by the Vedomosti newspaper.

  • 40 credit institutions have connected to the platform, Skobelkin said. According to him, 12 of the 13 important banks systemically participated in the project.

  • Real data from legal entities and individual entrepreneurs will be used for testing, said the top manager of the Central Bank.

  • It is not yet planned to add individual data to the platform, Skobelkin said. According to him, the regulator plans to consider this issue in 2023. As a reminder, in September 2021, the Association of Banks of Russia (ADB) proposed to expand the anti-money laundering platform of the Central Bank to government institutions and individuals.

  • The KYC platform will collect data from the payment system of the Bank of Russia, Rosfinmonitoring, customs and tax departments. The system will distribute bank customers into three risk groups: green, yellow and red. Credit institutions will be able to receive online information needed to combat money laundering and terrorist financing.

  • As a reminder, the regulator has been developing an anti-money laundering platform based on the Bank of Russia since the beginning of this year. On December 9, the State Duma adopted the bill in its third reading. The document is expected to enter into force on July 1, 2022.

  • During the year, non-credit organizations will also gain access to the platform, Ilya Yasinsky, Director of the Department of Financial Supervision and Currency Control, said during a press conference.

  • Banks will connect to the platform at will, said representatives of the Central Bank of the media. We would like to remind that currently credit institutions independently assess the level of risk of their clients. Information from the Central Bank will help them in this regard, said Skobelkin. Earlier in an interview, Ilya Yasinsky said that by mid-2022 the Central Bank plans to connect all banks to the system.

It should be noted that in April, members of the banking community criticized the bill. According to bankers, the document gave the Bank of Russia new restrictive powers. In particular, the regulator will be able to force financial institutions to refuse to carry out operations that benefit client counterparties if the latter falls into the “red” zone.

Read also: The Central Bank talks about the tax on CFA, the new functionality of the SBP and the launch of “cyber drills”.

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