[stock-market-ticker symbols="FB;BABA;AMZN;AXP;AAPL;DBD;EEFT;GTO.AS;ING.PA;MA;MGI;NPSNY;NCR;PYPL;005930.KS;SQ;HO.PA;V;WDI.DE;WU;WP" width="100%" palette="financial-light"]

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

16 decembrie 2021

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,” according to the press release.

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,” Bank of Russia said.

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.

Noutăți
Stay updated to the impact of emerging technologies in fintech & banking.
Banking 4.0 newsletter - subscribe
Cifra/Declaratia zilei

Dariusz Mazurkiewicz – CEO at BLIK Polish Payment Standard

Banking 4.0 – „how was the experience for you”

To be honest I think that Sinaia, your conference, is much better then Davos.”

Many more interesting quotes in the video below:

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?