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.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: