Russian Banks Told to Track Crypto-Related Transactions Amid Currency Restrictions – Finance Bitcoin News

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Bank of Russia advises commercial banks to track transactions related to cryptocurrencies.

Bank of Russia has recommended commercial banks pay heightened attention to their clients’ transactions related to cryptocurrencies. The regulator requires the financial institutions to monitor such activity against the backdrop of restrictions on currency operations amid western sanctions.The Central Bank of Russia has notified banks of the need to track certain transactions including those involving cryptocurrency.

According to the document, quoted by Forklog, bank officials should open their eyes for unusual growth in transaction volume, withdrawals to other jurisdictions and transactions associated with digital currency. The monitoring should also cover operations by persons and entities in circumvention of foreign currency restrictions and withdrawal of assets by organizations registered in “unfriendly” countries.

“In such cases, banks are advised to conduct an in-depth check on the client, consider refusing to complete the transaction and classifying it as suspicious,” the CBR said in the notice which had been coordinated with Rosfinmonitoring, the main financial watchdog in the Russian Federation.

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