The Central Bank of Russia believes that transactions of individuals with cryptocurrency exchangers may fall under illegal activities and urged credit organizations to classify such transactions as suspicious transactions.
This is reported in the regulatory guidelines.
The regulator does not explicitly call for blocking accounts when trades with the above patterns are detected. However, the Central Bank recommended to be guided by the recommendations set out in letter No. 60-T (to refuse to carry out operations). If the bank identifies two cases of suspicious transactions, the Central Bank recommends to be guided by the right to terminate the bank account agreement.
According to the Central Bank, bank transfers such as «from card to card», «from wallet to wallet», «from a subscriber’s account of a telecom operator to a wallet or card» may imply activities with cryptocurrency exchangers.
- The Bank of Russia has listed suspicious banking transactions.
- The regulator urged banks to be vigilant.
- After two warnings, the bank will be able to block the account.
In the manual, the regulator called for analyzing user data if:
- an unusually large number of counterparties (for example, more than 10 per day, more than 50 per month);
- an unusually large number of transactions for crediting and (or) writing off non-cash funds by individuals (for example, more than 30 transactions per day);
- significant volumes of write-off and (or) crediting operations (for example, more than RUB 100,000 per day, more than RUB 1 million per month);
- a short period of time (one minute or less) between the crediting of funds and the debiting;
- within 12 hours (or more) of one day, operations are carried out to credit and (or) write off money;
- during the week, the average account balance at the end of the day does not exceed 10% of the average daily volume of transactions on a bank account;
- operations to write off money in the absence of payments in favor of legal entities (for example, payment for utilities, communication services);
- coincidence of identification information about the device used by different clients-individuals.
Recall that at the beginning of the year, the Bank of Russia clarified the grounds for blocking bank accounts. According to the amendments to regulation 375-P, financial institutions have the right to freeze or even block a bank account in the event of signs of cryptocurrency turnover.