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Anti-Money Laundering Body to Monitor Crypto to Fiat Transactions in Russia

Anti-Money Laundering Body to Monitor Crypto to Fiat Transactions in Russia
  • Russian anti-money laundering body to crack down on virtual asset owners
  • Vladimir Putin concerned with increased crypto involvement in crime
  • Russia attempting to regulate cryptocurrency since a long time

In a recent meeting of the State Duma Committee, Herman Neglyad stated that Rosfinmonitoring will be keeping a check on crypto to ruble exchanges.

The financial surveillance organization, where Neglyad is a deputy, generally focuses on money-laundering issues but will now be keeping stricter controls of cryptocurrency as well.

The comment comes following Vladimir Putin’s concerns about “illegal cross-border transfers of cryptocurrencies”. The Russian president stated that criminal activity involving cryptocurrencies was on a rise, and “this justified increased monitoring”.

Neglyad further mentioned that banks were already cooperating with Rosfinmonitoring and were keeping track of any crypto to fiat exchanges.

“Banks are already taking notice of such exchange operations, meaning that when they see the money coming in after trading virtual assets for hard currency, they calculate the value and notify us,” he quoted.

Working alongside Russia’s central bank, Rosfinmonitoring wants to introduce a distinct classification system. It will create a specific code to mark crypto to currency transactions. It aims to further familiarize banks with suspicious transactions and help them identify them.

In his interview, he also noted that criminals were more likely to use bitcoin, ether, and monero to finance terrorism. Neglyan stated that these findings were in line with other countries’ financial data, although he didn’t elaborate further.

This is not the first time Russia has aimed to regulate virtual currency in the country. Earlier this year, the Russian government proposed a bill to recognize virtual currency as property. This afforded cryptocurrency owners legal protection but also made their digital assets taxable. 

Before that, the nation-state introduced new laws, penalizing crypto-owners with undisclosed assets. It is also notable that the Russian government has banned its civil servants from owning cryptocurrency.

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.