Bank of Russia plans to obtain banking data on crypto-related transactions between individuals.
The Central Bank of Russia plans to obtain information from commercial banks pertaining to some money transfers between private individuals, including clients trading cryptocurrency. The measure is likely to affect online crypto exchangers which the regulator accuses of conducting illegal operations.
The Russian business news portal RBC reported Monday that the regulator had sent banks a new reporting form for transactions. According to the initial report, the CBR intends to request information on money transfers between Russians, including the personal data of the senders and the recipients of the funds.
In a press release quoted by Prime, the monetary authority later clarified that the measure does not imply imposing total control over transactions of individuals but 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.
Bank of Russia further emphasized it wants to collect anonymized data from banking institutions providing payment services to individuals only when their platforms might be used for illegal operations. It also insisted it does not plan to introduce new reporting procedures for all transactions, and explained it meant specific cases where large amounts of money are transferred in multiple transactions within hours to the same recipient.
The CBR says such transactions are clearly not ordinary payments between private citizens and small businesses. The central bank added that when transactions meeting certain criteria are observed, it could ask for additional data from the banks’ registers but insisted it would not request information that could be used to identify individual customers.
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